UN CALLS WORLD NEW GREEN DEAL URGENT

UN urges rich nations to fund new green deal fast
Sven Egenter, September 1, 2009 (Reuters)

"The world's rich countries must provide some $500 to $600 billion a year as soon as possible in a green new deal to help developing nations fight global warming, the United Nations [World Economic and Social Survey 2009] said…

"A big, government-led investment push into cleaner energy was at the core of a strategy that would allow poor countries to grow at high rates and catch up while keeping emissions low…[It was likened to a new Marshall plan and called for within 10 years]…"

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"Industrialised countries had to do much more themselves to cut emissions but the
developing countries had to join efforts in order to meet the challenges…The survey noted rich countries had a responsibility to help…[because they] still emitted 6-7 times more damaging greenhouse gases per capita then developing countries, which were much harder hit by changes such as floods or heatwaves.

"The strategy to help developing countries to a low-emission, high-growth path also had to include technology transfer and more energy-related research and development, the report said…The key, however, was quick, up-front investment in renewables, energy efficiency, transportation and forest management…"

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"Advanced countries should be able to come up with the $500 to $600 billion annually -- or one percent of world gross domestic product -- to help developing countries with the big investment push given the severe threat from climate change…[O]ther estimates of the costs of mitigating climate change and adapting to its consequences ran up to over $1 trillion per year, or some 2 percent of world gross domestic product, by 2030.

"Given the huge financing needs, radical changes to the architecture of international financing were necessary…Possible new features could include the creation of a global clean energy fund and a forest-related financing mechanism."