Climate Change to Cost Trillions of Dollars
"If negotiators reach an accord at the climate talks in Copenhagen it will entail profound shifts in energy production, dislocations in how and where people live, sweeping changes in agriculture and forestry and the creation of complex new markets in global warming pollution credits".
The participants at the Climate Change Conference in Copenhagen estimate the cost to be around $10 trillion between 2010 and 2030. The challenges will come in spreading the cost amongst countries. The poorest countries in the world - which are the biggest pollutants and the most affected by the new rules - are calling for heaving subsidies from developed countries. These changes trigger a lot of business opportunities in the energy efficiency and production, agricultural innovations, and renewable energy. They also question the availability - especially in the short-term, of funding. President Obama's representative stated that the US will pick up 25% to 33% of the total tab intended for aiding developing countries.
The financial strain developed governments have been under lately, leave two avenues to funding: private investment and carbon credits. Carbon credits, if the Cap-and-Trade law will be approved by Congress, is estimated to bring in over $2 trillion per year by 2020. Other funding sources that are being under evaluation are: taxes imposed on fuels used in aviation and shipping, and loans and grants from developed countries to developing ones.
via
"If negotiators reach an accord at the climate talks in Copenhagen it will entail profound shifts in energy production, dislocations in how and where people live, sweeping changes in agriculture and forestry and the creation of complex new markets in global warming pollution credits".
The participants at the Climate Change Conference in Copenhagen estimate the cost to be around $10 trillion between 2010 and 2030. The challenges will come in spreading the cost amongst countries. The poorest countries in the world - which are the biggest pollutants and the most affected by the new rules - are calling for heaving subsidies from developed countries. These changes trigger a lot of business opportunities in the energy efficiency and production, agricultural innovations, and renewable energy. They also question the availability - especially in the short-term, of funding. President Obama's representative stated that the US will pick up 25% to 33% of the total tab intended for aiding developing countries.
The financial strain developed governments have been under lately, leave two avenues to funding: private investment and carbon credits. Carbon credits, if the Cap-and-Trade law will be approved by Congress, is estimated to bring in over $2 trillion per year by 2020. Other funding sources that are being under evaluation are: taxes imposed on fuels used in aviation and shipping, and loans and grants from developed countries to developing ones.
via The New York Times



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