Posted 29 August 2009

"The evidence of history is that the sizes of the targets are less damaging than the plans required to achieve them.....These emission reduction plans will lay down blueprints for achieving sector targets and such plans create winners and losers. One of their claimed benefits is that they create certainty for the major players. This a false promise because such plans assume we can predict the future – and future knowledge in particular. Most of our institutions did not see the global credit crisis when it was only one year ahead. " Owen McShane, writing in New Zealand National Business Review.

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