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

Financial services: Commission adopts additional legislative proposals to strengthen financial supervision in Europe

The European Commission has adopted additional legislative proposals today to further strengthen financial supervision in Europe. more »

Dealing with derivatives

The EU has announced plans to regulate the market for derivatives – complex financial products that helped trigger the financial crisis. more »

Milk price crisis: Parliament gives go ahead to new measures

New proposals to help EU farmers through the milk price crisis were backed by Parliament on Thursday. more »

JEREMIE & JESSICA: Innovative financial instruments help regions and cities to overcome their investment needs

The European Commission and the European Investment Bank (EIB) Group are organising a conference in Brussels on 22 and 23 October to further promote two initiatives designed to increase the use of financial engineering instruments in the framework of cohesion policy. more »

Construction of Finnfoam’s thermal insulation production plant started

The biggest thermal insulation production manufacturer in Finland “Finnfoam” has started the construction of a thermal insulation production plant in Kaunas FEZ. more »

EIB supports Hungary with EUR 350 million

The European Investment Bank (EIB) is providing two loans in Hungary. more »

European Commission, International Financial Institutions and EU Member States agree Western Balkans Investment Framework

Key Western Balkan projects to benefit from new funding EU, IFI financing to focus on infrastructure, SMEs and energy efficiency. more »

Lithuania, Belarus and China will develop East-West transport corridor

Lithuania, Belarus and China will cooperate in the development of the initiative of the East-West transport corridor. more »

Bank SNORAS will provide preferential credits to farmers and agricultural companies

On October this year AB Bank SNORAS will provide preferential UAB “Guarantee Fund of Agricultural Loans ” purpose loans to farmers and companies, which scope of activity is economic activity and processing of agricultural production. more »

Car workers in Austria to get help from EU Globalisation Fund

The European Commission has today approved an application from Austria for assistance under the European Globalisation Adjustment Fund (EGF). more »