Financing the fight against climate change

Published: 11 September 2009 y., Friday

Klimato kaita
Commission sets out first finance proposals for Copenhagen pact on climate change.

In an effort to end an impasse in international climate talks, the commission has published a plan for financing the fight against global warming in developing countries. It proposes an EU contribution of between €2bn and €15bn a year by 2020.

The plan provides a starting point for discussions in the parliament and council to define the EU’s position on one of the toughest issues facing the UN climate conference in Copenhagen in December.

With just three months to go, international negotiations to prepare for the conference have stalled over the question of how to help developing countries adapt to and limit global warming.

The EU and other economic powers agree on the need to help defray the costs of reducing greenhouse gases emitted by developing countries. But there is still no consensus on what those costs are and how much should be borne by developed nations.

The costs of containing global warming are expected to soar in years to come. The EU estimates that developing countries will need €100bn a year by 2020 to prevent average global temperatures from rising more than 2°C. That threshold is important because it minimises the risk of dangerous runaway climate change.

The commission calculates that between €22bn and €50bn in international public funding will be needed, with each country’s contribution based on its responsibility for emissions and its ability to pay. In the EU’s case, the contribution could be between €2bn and €15bn a year by 2020. The rest would come from other industrialised nations and advanced developing nations like China and India.

The proposal also calls for an EU contribution of between €500 million and €2.1bn for 2010-12, but given the importance of acting quickly, the commission is suggesting more.

The aim of the conference in December is to produce a new and more ambitious global commitment to tackling climate change. The current treaty, the Kyoto Protocol, expires at the end of 2012.

Kyoto placed no demands on developing countries, but now industrialised countries want emerging economies like India and China to join in and eventually cut emissions.

The UN is convening a world summit later this month to discuss climate change.

 

Šaltinis: ec.europa.eu
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Statement by an IMF Mission to Dominica

An International Monetary Fund (IMF) mission led by Mr. Hunter Monroe of the IMF’s Western Hemisphere Department visited Dominica during January 18-28 for the annual Article IV discussions on economic developments and macroeconomic policies. more »

Experts request market management mechanisms to protect the farming sector

Experts in agriculture and government authorities coincided in requesting new management mechanisms and market regulation to protect the farming sector from the price crisis and enable generational changeover in rural areas at the European Congress of Young Farmers, organised by the ASAJA-Seville agricultural organisation. more »

Skills and jobs experts call for action now

Immediate action is required to solve Europe's skills deficiencies and give Europeans a better chance of labour market success in the future, says an independent expert report published by the European Commission today. more »

EIB lends EUR 115.5 million for environmental and small and medium-sized investments in Ukraine

The European Investment Bank (EIB) is lending EUR 15.5 million to upgrade water supply and wastewater treatment in the City of Mykolayiv (southern Ukraine) and EUR 100 million to finance small and medium-sized investments in the areas of SMEs, energy efficiency and the environment in Ukraine. more »

Antitrust: Commission confirms inspections in electrical equipment industry

The European Commission can confirm that on 20 January 2010 Commission officials carried out targeted inspections at the premises of producers of Flexible Alternating Current Transmission Systems (FACTS). more »

State aid: Commission temporarily authorises Lithuania to grant limited amounts of aid of up to €15,000 to farmers

The European Commission has authorised today under the State aid rules a Lithuanian scheme worth LTL 10 million (approximately EUR 2.9 million) aimed at supporting farmers who encounter difficulties as a result of the current economic crisis. more »

World Bank President Says African Poor Still Vulnerable to Crisis, Important to Create Basis for Future Growth

The effects of the global food, fuel and economic crisis would be felt by Africa’s people for some time yet and it was important to persist with efforts to protect the most vulnerable while laying the foundations for future productivity and growth, World Bank Group President Robert B. Zoellick said Tuesday. more »

Just like the herders, we must prepare ourselves for hard times

Mongolia’s herders have learnt a hard lesson this winter; a lesson that can perhaps be applied to managing Mongolia’s economy. more »

DnB NORD Bankas ups initial margin ratio for repo deals

DnB NORD Bankas, the leader of the country’s in investment products market, raises initial margin ratio for repurchase deals for most actively traded Lithuanian and Estionian shares. more »

Pensions, unemployment under scrutiny by Crisis Committee

With over 23 million unemployed in the Europe Union and the jobless figure having risen in every member state since last year, how Europe is coping with the crisis and the effect on pension systems were discussed on Thursday 28 January. more »