"Finance and climate change" - a challenge for the future

"Finance and climate change" was under discussion at a 10 November hearing in parliament's Industry, Research and Energy Committee. Greek Socialist Vice-Chair Anni Podimata said, "the real challenge is to create sustainable living conditions for the future".

The hearing focused on the likely effects of climate change: limited access to and scarcity of natural resources leading to a multiplication of regional conflicts.

In addition there will be more poverty and an upsurge in climate immigrants.

There was agreement that the new economic model should be based on public-private cooperation, allowing new business opportunities to boost global competitiveness, while creating new jobs and fighting inequalities.

Need to invest in technologies

The head of the European Environment Agency Jacqueline McGlade said new solutions should be sought to generate, store and use energy. She also stressed the importance of new modes of transport and recycling. "This is about investing in technologies and innovations."

Many speakers said that developed and industrialised countries have the greatest responsibility to act. "The same national governments that are denying or are reluctant today to assume their responsibilities concerning the fight against climate change are the ones that have provided billions of Euros, to the financial sector," Ms Podimata told us.

"The responsibility we have for future generations is enormous," she added.

Paul McCartney joins Dr Rajendra K. Pachauri on 3 December

The impact of global warming on the world's food supply will be debated in the European Parliament on 3 December. Former Beatle and environmental campaigner Sir Paul McCartney and the head of the UN's intergovernmental Panel on Climate Change Dr Rajendra K. Pachauri will discuss the issues with MEPs.