The United Nations (UN) Climate Chief, Christiana Figueres, announced Tuesday that the climate change deal to be voted on in Paris in December won’t be able to determine a global carbon price. This is despite large, multi-global businesses and investors, as well as oil majors, having asked for one to aid in getting more investments in forms of low carbon energy. Experts say having such a global carbon deal would create incentives for those who operate power plants and factories to change to fuels that burn cleaner or to purchase gear that is more energy efficient. In 2005, the European Union started a carbon trading scheme that was expected to lead to creating a global carbon scheme by 2020, that would be worth about two trillion dollars.

Carbon Pricing Elusive in Climate Change Deal

However, there were problems with developing a single version of a climate change deal due to having to bring varied carbon plans from nations around the globe together. Figueres has told climate investors that even though it seems that having a carbon price would be simpler, things are much more complicated than they seem. She added that 60 authorities around the globe already have a tax or something similar as carbon price.

Climate Change Talks Start in November in Paris

The UN is scheduled to meet to discuss climate change, as well as a worldwide deal to produce less greenhouse gas emissions, as well as a worldwide deal to produce less greenhouse gas emissions, beginning on November 30 and going through December 11. Leaders from 10 companies who produce a fifth of the world’s gas and oil determined earlier this month that the world’s current levels of greenhouse gases was not consistent with the goal to limit them from producing global warming equal to two degrees over the time before major industrial usage. However, they didn’t hash out their future goals to cut emissions from their own companies.

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Insurers Unprepared For Climate Change Costs

The UN says that insurers aren’t ready for the costs of climate change problems. Businesses need to be ready for the world to keep heating up, due to the problems global warming is said to be causing around the planet. They added that even if they seal the climate change deal in Paris next month that it won’t solve all of these problems faced by the entire world due to global warming issues.