The UN's top climate official stated that despite the global financial turmoil, a new world climate deal should not be affected as high energy prices continue to encourage improved energy efficiency. Some analysts have expressed concerns that the current financial crisis may hinder investments in reducing greenhouse gas emissions during UN-led talks for a new international agreement to address global warming. Yvo de Boer, head of the UN Climate Change Secretariat, noted that while the credit crisis and lack of trust in financial markets have created uncertainty for green energy projects, he has not seen evidence showing the crisis has a greater impact on the global economy than current oil prices. He also mentioned that the lack of capital does not seem to be the main issue despite the current situation. Investment uncertainty is causing nervousness, and clear government policies on climate change could help reduce this uncertainty. For example, when making decisions about building a power plant, knowing the government's stance on greenhouse gas emissions cuts is crucial in minimizing risks. Despite some analysts' doubts, de Boer remains optimistic about the United States joining a new global warming agreement in Copenhagen in 2009 to replace the Kyoto Protocol. He believes it is likely that the United States will sign up to the Copenhagen agreement. 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, but does not set targets for developing countries. To get the United States on board, the United Nations must involve developing countries, as China is now the largest greenhouse gas emitter. De Boer suggested that this could be achieved by protecting their economic growth and reducing the costs of ambitious climate policies. One strategy to appeal to developing nations is through the Clean Development Mechanism (CDM), where industrialized countries can increase their emission quota by investing in clean energy technology in developing countries. 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 for coal-based economies like China and India, carbon capture and storage is crucial, and suggests that CO2 can be safely stored underground in places like empty gas fields. He anticipates that the upcoming talks in Poznan in December could potentially lead to a new agreement in Copenhagen to replace the Kyoto Protocol, despite doubts from many.