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Kingdom seeks share of $100 billion climate aid boodle
[Arab News] Soddy Arabia is a special case in need of climate aid if the world shifts to clean energy, the world's top oil exporter told the United Nations, aka the Oyster Bay Chowder and Marching Society ahead of a Monday deadline for proposals about slowing global warming.Almost 200 nations agreed in Mexico in December to a package of measures including a new fund to help poor nations, due to be worth $100 billion annually from 2020, find ways to adapt to climate change and protect tropical forests. That deal set a Feb. 21 deadline for detailed comments. Soddy Arabia said that it would need help to develop solar power and financial aid to diversify, as it was "among the most vulnerable economies," dependent on oil exports whose use may be curbed under a climate deal. "Impacts are expected to be massive and deep," it said of countries dependent on fossil fuels, noting that oil makes up half Soddy Arabia's gross domestic product and 90 percent of its export earnings. Many other developing countries -- including the poorest in Africa and Pacific island states at risk of rising sea levels -- have expressed irritation that OPEC nations harp on about their vulnerability. Soddy Arabia's gross national income per capita was about $25,000 in 2008, similar to that of New Zealand, according to the UN Development Programme. Countries have squabbled for many years on sharing the cost of carbon emissions cuts and the benefit of funds, making a comprehensive deal increasingly unlikely from 2013 after the present round of the Kyoto Protocol expires They are meant to agree this year fine print including how to share funds meant for countries which are vulnerable to the adverse effects of climate change, and to raise money, for example from carbon markets. But the submissions also showed a rift between rich and poor about the makeup of a new panel meant to help poorer countries adapt to climate change, by methods such as developing flood defenses or new drought-resistant crops. Ghana said that the board of the Adaptation Committee should comprise 32 members with a majority from developing nations, or two-thirds, according to Soddy Arabia. The European Union said that it should have 12-18 members, equally split between rich and poor. The climate funds will likely in large part be levied from carbon markets, where developing countries sell carbon offsets to rich countries struggling to meet their emissions caps in a trade worth 2.2 billion euros ($2.98 billion) last year. Posted by: Fred 2011-02-19 |
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