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September 14, 2009

EU says advanced developing countries have ample financial resources, refuses to provide climate change funds

Posted by : admin
Filed under : Enviornment News

The European Union has proposed a climate change funding of €2-15 billion every year for developing countries to help them make transition from fossil fuel based energy systems to clean energy based systems. However, EU does not see the advanced developing counties like India and China eligible for this financial help.

EU in its Global Finance Blueprint for Ambitious Action by Developing Nations paper stated that advanced developing countries should contribute to the climate adaptation fund instead of expecting funds for themselves. According to the paper, advanced developing countries posses ample financial resources to initiate and sustain emission reduction programs.

The Commission said that from 2013, it would depend on the carbon market to fund 40% of the money required for climate change mitigation and adaptation in developing nations. The emerging economies should be able to generate 20-40% of the proposed global fund, it said. The remaining—around $22-50 billion a year—will be paid for by the European Union and the rest of the developed nations.

Developing countries have been at loggerheads with the developed countries on the issue of funding for adaptation to clean fuel technologies. Decision to set up an adaptation fund for helping poor and developing countries was taken at the Bali climate conference in 2007. However, the developed countries are yet to act on their promises of aid as they find themselves constrained by the global economic crisis and objections by their own people.

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