Da Silva argues for ‘second-best solution’ to climate change


The financial sector is in a good position to deliver the “second-best” – but probably most practicable – solution to climate change, the deputy general manager of the Bank for International Settlements said today (July 13).

Luiz Awazu Pereira da Silva said that, in an ideal world, global governments could simply work together to design the perfect “Pigovian” tax (named after economist Arthur Pigou) to limit climate change-affecting industries to acceptable sizes.

In reality, questions of poli

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