SARKOZY SPEAKS. French president Nicolas Sarkozy made some worthwhile points at the morning's plenary on financing a global response to climate change. There is not, Sarkozy argued, a choice between financing it or not financing it. Rather, if you accept the broadly authoritative estimates of the Stern report (and others), the choice is between financing it with one percent of global GDP that's used to affirmatively avert a climatological catastrophe (i.e, carbon taxes, cap-and-trade, etc), or financing it with 5%-10% of global GDP that's shaved off as a result of climatological catastrophe. We'll pay one way or the other. The question is whether we'll exhibit any foresight or risk management in doing so. This is the same Sarkozy, by the way, who the right is so deeply entranced by, whose hard-headed, market-driven attitude has been attracting admirers throughout the American conservative movement. And, indeed, Sarkozy's advice to pay less money and avert disaster does seem more fiscally conservative than to pay a lot more and try and endure disaster. The question is whether powerful American politicians and political figures like Nicolas Sarkozy more than they hate Al Gore. I'm not optimistic. --Ezra Klein
