Rich nations' finance pledges inadequate to avert global warming: experts

16:23, April 06, 2011      

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Developed nations' pledges of emission cut and climate change finance were inadequate in saving the world from global warming, experts said on Tuesday.

They also claimed that some of the monetary assistance promised by major industrialized countries for developing nations was actually a means to finance the former group to achieve their emission cut target.

Matthew Stilwell, director of Institute for Governance and Sustainable Development, told a press conference that a current climate change meeting in Bangkok provides a chance to look at major industrialized nations' efforts in cutting greenhouse gas emissions set at last December's ministerial meeting in Cancun, Mexico.

He said their efforts were "clearly quite inadequate" in not allowing the world to get warmer than 2 degree Celsius from historical level.

"The presentations in Bangkok present a worrying trend," Stilwell said in a statement.

He said part of the 100 billion U.S. dollars pledged by developed nations to help developing countries in adapting to climate change would be spent on "carbon market".

Michelle Maynard of the Pan African Climate Justice Alliance, another NGO, said she so far has not seen actual implementation of pledges made by industrialized nations, know as Annex I countries, at the Cancun meeting.

"What we are seeing is just talking about institutions and system, but there is no substance to the legally binding commitments that were made by the Annex I countries."

Civil society groups on Tuesday also signed a letter opposing the appointment of the World Bank as the trustee of a Green Climate Fund agreed in Cancun to house the international management on mitigating climate change in developing nations.

They said the fund should be managed by a board whose majority members should come from developing countries.

The climate change meeting in Bangkok, which will close this Friday, is being attended by around 1,500 participants from 173 countries, including government delegates, representatives from businesses and industries, environmental organizations and research institutions.

Source: Xinhua
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