<p>“There is a possibility, if the unrest goes beyond, it could result in skyrocketing of oil prices. <br /><br />In the short-run, it may make the recovery more difficult, especially given the flawed policies of some European governments that are leading to a slowdown as a result of excessive austerity,” the economist said here on the sidelines of a summit on Sustainable Development.<br /><br />Commenting on the global environment issues, Stiglitz suggested it would be “imperative” that industrialised countries transfer clean technologies to developing countries “at low cost or no cost.” The issue of transferring green technologies, especially those under patent, has been plaguing global climate negotiations for years. <br /><br />He said there must be “compulsory licences” for technology transfer, “like the US did for some technologies after 9/11, and what has been done for life saving drugs.”<br />Stiglitz, however, made it clear that his suggestion did not mean that inventors would go unrewarded. <br /><br />“They do get compensation. But for clean technologies, we must promote joint research efforts by governments.”<br /><br />According to him, the patent system creates a market failure for everybody does not have the same information. “Today, we are socialising losses and privatising gains. This is the result of legislation caused by lobbying,” he regretted.<br /><br />The event, organised by the Tata Energy Research Institute, was attended by Director-General of the National Environmental Protection Agency of Afghanistan Prince Mostapha Zaher, former Indonesian state minister for environment Rachmat Witoelar, Japan’s Vice Minister for Environment Tiemoko Sangare and Portuguese Minister of State of Environment Humberto Delgado Ubach Chaves Rosa among others.<br /><br /></p>
<p>“There is a possibility, if the unrest goes beyond, it could result in skyrocketing of oil prices. <br /><br />In the short-run, it may make the recovery more difficult, especially given the flawed policies of some European governments that are leading to a slowdown as a result of excessive austerity,” the economist said here on the sidelines of a summit on Sustainable Development.<br /><br />Commenting on the global environment issues, Stiglitz suggested it would be “imperative” that industrialised countries transfer clean technologies to developing countries “at low cost or no cost.” The issue of transferring green technologies, especially those under patent, has been plaguing global climate negotiations for years. <br /><br />He said there must be “compulsory licences” for technology transfer, “like the US did for some technologies after 9/11, and what has been done for life saving drugs.”<br />Stiglitz, however, made it clear that his suggestion did not mean that inventors would go unrewarded. <br /><br />“They do get compensation. But for clean technologies, we must promote joint research efforts by governments.”<br /><br />According to him, the patent system creates a market failure for everybody does not have the same information. “Today, we are socialising losses and privatising gains. This is the result of legislation caused by lobbying,” he regretted.<br /><br />The event, organised by the Tata Energy Research Institute, was attended by Director-General of the National Environmental Protection Agency of Afghanistan Prince Mostapha Zaher, former Indonesian state minister for environment Rachmat Witoelar, Japan’s Vice Minister for Environment Tiemoko Sangare and Portuguese Minister of State of Environment Humberto Delgado Ubach Chaves Rosa among others.<br /><br /></p>
