NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

The problem of climate change cannot be solved without capitalism. Governments have tried for more than three decades with little to show for it. And while more of them are now engaging partners in the private sector, the world is still lagging in deploying the full power of the market. An announcement by the Biden administration this week can help to change that, by beginning a much-needed overhaul of the market for carbon credits.

Photo courtesy of José Luís Agapito.