French President Nicolas Sarkozy says the fight against global warming needs «massive» flows of private investment to succeed.

Sarkozy is urging greater consideration of the financial side of an international agreement under discussion to replace the Kyoto Protocol.

He says the carbon credit market and other environmental financial tools currently used in Europe should be «globalized and regulated.

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These markets are aimed at encouraging reduced emissions of the heat-trapping gases that contribute to global warming.
Sarkozy also says rich and poor countries should take more responsibility for global warming.

He was speaking at U.S.-sponsored climate talks among the world's biggest polluters, in Paris on Friday.