If you put a price at Carbon, then the entire market would respond: President Obama at COP21

PARIS : President Barack Obama said on Tuesday the best way to drive innovation and reduce carbon emissions is "to put a price on it" but he does not expect that from the current Republican-dominated U.S. Congress. "If you put a price on it, then the entire market would respond," he told a news conference at the U.N. climate conference in Paris . As people come to realize the costs of climate change , Obama said they will start to put a price tag on the damage it is doing. Insurance companies are beginning to realize that in terms of how they price risk, he said. “If we let the world keep warming as fast as it is and sea levels rising as fast as they are and weather patterns keep shifting in more unexpected ways, then before long we are going to have to devote more and more of our economic resources not to growing opportunity for our people but to adapting to the various consequences of the changing climate,” he said at a press conference. "It may be that the politics around setting up a cap-and-trade system, for example, shifts as well," he said. "Obviously I'm not under any illusion that this Congress will impose something like that." (Reuters )