"Those who harm the climate, to the detriment of all, have to pay for it."

"In order to limit climate risks, the Paris Agreement has to be implemented quickly—as clear as the goals are, the way to get there is uncertain. Worldwide, a huge number of coal-fired power plants are being built. Here, only the economic principle can be of help: those who harm the climate, to the detriment of all, have to pay for it. This would trigger investments in clean innovations. Europe's emission trading is also in need of restructuring—it currently works like a betting shop for political policy-making, with everyone underbidding each other. Research shows that a minimum price for carbon is the best solution. Internationally, emerging and developing countries should be supported in the introduction of a carbon price through transfer payments."