Yvo de Boer, head of the UN Climate Change Secretariat, stated that despite the global financial turmoil, a new world climate deal should not be hindered as high energy prices continue to encourage improvements in energy efficiency. While some analysts believe the financial crisis may limit investments in reducing greenhouse gas emissions, de Boer has not seen evidence that the crisis is having a greater impact on the global economy than current oil prices. However, he acknowledged that the uncertainty and lack of trust in financial markets present obstacles to developing green energy projects, despite the high oil prices. He believes that lack of capital is not the main issue at hand. Investment uncertainty is causing nervousness in the market. De Boer believes that clear government policies on climate change could help reduce this uncertainty, especially for major investments like a 500 million euro power plant. He expressed optimism about the United States joining a new global warming accord in Copenhagen in December 2009. Contrary to many analysts, he believes it is possible for the US to sign up to the agreement. De Boer explained that the same reasons that prevented Washington from agreeing to the Kyoto Protocol in 1997, such as concerns about damaging the U.S. economy and the lack of emissions targets for developing countries, are still relevant today. The Kyoto Protocol requires 37 industrialized nations to reduce greenhouse gas emissions by an average of 5 percent below 1990 levels by 2008-2012, with no targets set for developing countries. In order to persuade the United States, now second to China in greenhouse gas emissions, to participate, the United Nations must involve developing countries. De Boer emphasized the importance of protecting their economic growth while minimizing the costs associated with ambitious climate policies. One method of attracting developing nations is through the Clean Development Mechanism (CDM), where an industrialized country can increase its emission quota by investing in clean energy technology in a developing nation. There is ongoing debate within U.N. talks about whether the CDM should include coal power plants with carbon dioxide storage capabilities. De Boer believes that carbon capture and storage could be crucial for coal-based economies like China and India, and suggests that storing CO2 underground in empty gas fields could be a safe option. De Boer is hopeful that the upcoming talks in Poznan in December involving environment ministers from 192 U.N. member states could lead to a new agreement in Copenhagen to replace Kyoto, despite doubts from many.