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| Europe |
| EU sets $163bn for carbon cost |
| 2009-10-31 |
| EUROPEAN leaders set a baseline goal for a world climate summit of E100 billion ($163bn) a year by 2020 to help developing countries fight global warming, a draft text revealed last night. "The EU is ready to take its fair share of the global effort by setting an ambitious mitigation target, allowing for offsets and providing its fair share of public support," the draft said. "The European Council endorses the (EU) commission estimate that the total net incremental costs of mitigation and adaptation in developing countries could amount to around E100bn annually by 2020." With frustration mounting ahead of the Copenhagen climate summit on December 7, EU leaders had broken off their talks in Brussels earlier yesterday, unable to agree on how to share the cost of helping poorer states reduce carbon dioxide emissions. But according to the draft, which could change, they agreed the baseline figure should "be met through a combination of (developing nations') own efforts, the international carbon market and international public finance". The commission, the EU's executive arm, and Britain had previously recommended the E100bn figure but it was unclear whether the leaders would take such a stand. The 27-nation bloc prides itself in leading the fight against climate change, and has already agreed to cut greenhouse gas emissions by 20 per cent by 2020, but many fear its leadership role could be compromised without a deal. It is keen to enter talks in Copenhagen with a unified voice to encourage others, particularly the US and China, to commit to swingeing emissions cuts. |
| Posted by:Fred |
| #2 W was right all along, wasn't he. That's gotta hurt. |
| Posted by: gorb 2009-10-31 01:28 |
| #1 "$163BN" > Whoa, that was fast - it was only US$150.0BILYUHN = E$100.0BILYUHN one hour ago. ITS OFFICIAL - THE WORLD HAS DISCOVERED TED TURNER'S 1000 TRILYUHN-PLUS = ONE QUADRILYUHN-PLUS SUMS-CERTAIN??? You just know JANE FONDA twon't be a happy camper about the leak. |
| Posted by: JosephMendiola 2009-10-31 01:21 |