G-7 nations ----------- to fight climate change - 2

The initiative would include "a fund that complements existing bilateral and multilateral efforts in providing financial support for the deployment of clean technologies in developing countries," it said.

The United States and Japan, the world's two largest economies, have been particularly vocal in supporting market measures to curb greenhouse gas emissions causing global warming.

The United States is the only major developed economy to reject the Kyoto Protocol, arguing that the landmark environmental plan is unfair as it makes no demands on fast-growing emerging economies.

G-7 nations-------- to fight climate change - 1

Finance chiefs of the Group of Seven rich nations on Saturday called for investment in developing countries to help them fight climate change and worked on plans for a World Bank-style fund.

Finance ministers and central bank chiefs, in a joint statement after talks in Tokyo, said they hoped to "scale up investment in developing countries to support them in joining international efforts to address climate change."

The United States, Japan and Britain have proposed setting up a multilateral fund involving the World Bank that would administer global aid and investment to help nations fight slash greenhouse gas emissions blamed for global warming.

The three countries discussed the initiative with Canada, France, Germany and Italy, the other four members of the Group of Seven, a G-7 joint statement said.

Global Warming to cost $20 trillion - 4

British billionaire Richard Branson, who has decided to invest heavily in "biofuels'' along with his Virgin brand of several hundred companies, will be a special guest at the assembly meeting, Kerim said. "He was one of the first who reacted and who said that he's prepared to finance projects for clean energies and technologies,'' Kerim said. Like Ban, who said in December that his No. 1 priority is persuading the world to agree to new controls on global warming gases before the end of 2009, Kerim calls the challenges of climate change "my flagship topic.'' In his report, Ban warned that global warming would probably affect women more than men. "The challenge of climate change is unlikely to be gender-neutral, as it increases the risk to the most vulnerable and less empowered social groups,'' he said. Annie Petsonk, a lawyer for the advocacy group Environmental Defense, said global warming will most affect poor people and minorities, because the wealthy can spend more to adapt. "Women in poorer communities are going to face greater challenges protecting their children from the spread of diseases, polluted water, water shortages and so on,'' she said.

Global Warming to cost $20 trillion - 3

Last year, a Noble Prize-winning U.N. network of climate and other scientists warned of rising seas, droughts, severe weather and other dire consequences without sharp cutbacks in emissions of the industrial, transportation and agricultural gases blamed for warming.

That network, called the Intergovernmental Panel on Climate Change, advised that emissions should be reduced by 25 percent to 40 percent below 1990 levels by 2020.

"Climate change and its implications is a broader process, more profound than negotiations among member states,'' Kerim said. "So our aim, our goal is to support that process, not to replace it.''

Kerim said he wants to encourage partnerships between businesses and governments, and that he would refrain from encouraging nations to assign blame and added responsibility to the United States and other rich nations for their historical pollution.

To approach the issue must be a forward looking way,'' he said. "We have to now try to find a way out. And to find a way out, you don't look in the rear mirror which shows you the back of your car.''

Global Warming to cost $20 trillion - 2

In his 52-page report, Ban says that global investments of $15 trillion (euro10.13 trillion) to $20 trillion (euro13.5 trillion) over the next 20 to 25 years may be required "to place the world on a markedly different and sustainable energy trajectory.''

Today, the global energy industry spends about $300 billion (euro202.6 billion) a year in new plants, transmission networks and other new investment, according to UN figures.

Srgjan Kerim, a Macedonian diplomat and economics professor who is president of the UN General Assembly, said that cutting greenhouse gases alone will not be enough to pull island nations, sub-Saharan Africa and other particularly vulnerable parts of the world back from the brink of irreversible harm.

"Cutting emissions is a very important dimension, but that's not enough for this equation,'' Kerim said in an interview. "Inventing new technologies, renewable energies, investing more in research and development, is also a very viable way and remedy for resolving the problem.''

In December, under the auspices of the U.N. Framework Convention on Climate Change, the 186 nations that attended a climate meeting in Bali, Indonesia, agreed on a ``Bali Roadmap'' of principles to craft a successor to the Kyoto treaty.

Global Warming to cost $20 trillion - 1

Global warming could cost the world up to $20 trillion (euro13.5 trillion) over two decades for cleaner energy sources and do the most harm to people who can least afford to adapt, UN Secretary-General Ban Ki-moon warns in a new report.

Ban's report obtained by the news agency provides an overview of UN climate efforts to help the 192-nation General Assembly prepare for a key two-day climate debate in mid-February. That debate is intended to shape overall UN policy on climate change, including how nations can adapt to a warmer world and ways of supporting the UN-led negotiations toward a new climate treaty by 2009.

The treaty, replacing the Kyoto Protocol when it expires in 2012, could shape the course of climate change for decades to come. The Kyoto pact requires 37 industrial nations to reduce greenhouse gases by a relatively modest 5 per cent on average.

Much of the focus has been on the United States, the only major industrial nation to reject the treaty, and on fast-developing nations such as China and India. Many are looking to next year, when a new US president takes the White House. The leading contenders in both political parties favor doing more than the voluntary approaches and call for new technologies.

Global Warming Threat.............

Global warming threat looms over economies

Carbon emissions have pushed up global temperatures by half a degree Celsius. If no action is taken there is more than a 75% chance of global temperatures rising by more than 2 degrees Celsius over the next 50 years. Ignoring the change would lead to major disruption in global economies and social activities on a scale similar to those associated with previous great wars and the economic depression in the first half of the 20th century.

These were some of the key observations of the UK based Stern Committee report on the economics of climate change, which were reiterated on Wednesday by Justin Mundy, senior advisor on climate change and Dimitri Zenghelis, senior economic adviser, the UK government. They were speaking at an interactive session, organised jointly by British Deputy High Commission (Kolkata) and the Indian Chamber of Commerce.

The top level British government officials were in the city as part of the UK government's mission to create awareness about the devastating impact of global warming on the world economy and build public opinion on what actions could be taken on the issue in line with recommendations made by the Stern committee.

The UK committee, headed by Sir Nicholas Stern had presented the report to the UK government in October 2006. Mr. Stern, former chief economist of the World Bank, heads economics service department of the UK government and is adviser to the UK -government on the economics of climate change. The committee's review on the pace of global warming and its probable impact on global economy today form the foundation of UK's policy on tackling the issue.

Addressing the session, Mr. Zenghelis said the Stern committee report is intended not just to guide UK policymaking in curtailing greenhouse gas emission, but to underpin discussions about the wider international policy framework, adding, that UK makes up only 2 % of global greenhouse gas emissions.
Mr. Mundy said since the climate change is global in its causes and consequences, international collective action is critical in driving an effective, efficient and equitable response to the problem. This response' should be based on deeper international cooperation in many areas- most notably in pricing the carbon market, development of clean technology and its free transfer, adaptation to the changing climate and finally promoting innovative technology to control greenhouse gas emission.

The Stern committee report said the current level of greenhouse gases in the atmosphere is equivalent to around 430 parts per million (ppm) compared to only 280 ppm before the Industrial Revolution.