Tuesday, January 18, 2011

Stiglitz emphasizes the importance of innovation in the energy sector.

South Africa has the capacity to put itself at the forefront of emerging countries when it comes to adapting to climate change, but the country will need leadership and buy-in from the business sector.

As a fast developing country with high carbon emissions, South Africa will soon need to begin making the switch to a low carbon economy. Stiglitz said the government would have an important role to play in this and warned that a lack of clear policy could see the country lagging behind its contemporaries, as the US is now lagging behind China when it comes to green technology.

Stiglitz said that a set of broad macroeconomic policies, with the government making decisions in a way that supports green economics, may be necessary. He said that some of the most successful industries in the US -- including the advent of internet -- have been supported by the government.

 "People sometimes forget that innovations are part of important government policy" he said.
Read more of this Mail & Guardian article here.

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