The UN's top climate official stated that despite global financial turmoil, the push for a new world climate deal should not be hindered as high energy prices continue to drive incentives for improving energy efficiency. There are concerns that the current financial crisis may limit investments in reducing greenhouse gas emissions during UN-led discussions for a new international agreement on combating global warming. Yvo de Boer, head of the UN Climate Change Secretariat, emphasized that the impact of the credit crisis on the global economy does not surpass the influence of current oil prices. However, he acknowledged that the uncertainty and lack of trust in financial markets are challenges for developing green energy projects, despite the high cost of oil. He also noted that the lack of capital does not appear to be the main issue at the moment. Investment uncertainty is causing anxiety, and clear government policies on climate change could help alleviate some of this uncertainty. For example, if a company is planning to build a 500 million euro power plant but is unsure about the government's stance on greenhouse gas emissions cuts, it makes the decision very risky. Despite some analysts' doubts, de Boer is hopeful that the United States will participate in a new global warming agreement to be discussed in Copenhagen in December 2009, replacing the Kyoto Protocol. De Boer visited Poland to assess preparations for the upcoming climate talks. De Boer stated that the reasons why Washington did not support the Kyoto Protocol in 1997, such as concerns about damaging the U.S. economy and the lack of targets for developing countries, are still relevant today. The Kyoto Protocol requires 37 industrialized countries to reduce greenhouse gas emissions by an average of 5 percent below 1990 levels by 2008-12, with no targets set for developing countries. To encourage the United States, which is now second to China in greenhouse gas emissions, the United Nations must involve developing countries. De Boer suggested this could be achieved by ensuring their economic growth is protected and keeping climate policy costs reasonable. One method of attracting developing nations is through the Clean Development Mechanism (CDM), where an industrialized country can increase its emission allowance by investing in clean energy technology in a developing country. There is ongoing debate within U.N. talks about whether the CDM should include coal power plants with carbon capture and storage capabilities. De Boer believes that carbon capture and storage would be essential for coal-based economies like China and India. He also mentioned that there are safe methods of storing CO2 underground, such as in empty gas fields. De Boer expressed hope that the upcoming U.N. talks in Poznan could lead to a new agreement in Copenhagen to replace the Kyoto Protocol, despite doubts from many.