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Soros urges investors to do more to combat climate change

Billionaire investor George Soros urged investors to do more to combat global warming at a conference organized by the Center for Climate Change and Sustainable Energy Policy (3CSEP), in Budapest on Monday.

Though businesses must strive to be profitable, they must also make an effort to reduce emissions of greenhouse gases, Soros said at the conference, which was hosted by the Central European University, where Soros is honorary chairman of the board.

A new economic climate should be established, where private interests will not dominate public needs. Energy production is one of the most important areas in the near future, where investments of $20 trillion are expected until 2030, Soros said. But the human civilization is doomed, if large countries like the US or China see the future in coal power plants, he added. A good pricing of carbon-dioxide emission would help clean technologies against pollutants. The system of emissions trade is a good idea, but it should be extended to all countries. A better option would be the introduction of a “carbon-tax”, but the idea still seems to be very unpopular, said Soros. ((MTI-Econews, Gazdasági Rádió)