$215 Billion Could Be Raised By Rich Nations to Help Poor Combat Climate Change: EU Report

coal power plant photo

photo: Felix O via flickr
Reuters is reporting that they have seen a draft of a paper written by the European Union, to be published next week, that says wealthy nations of the world could raise $200 billion between 2013-2020 to help poorer nations deal with the effects of climate change. The funds would come through taxes on carbon in wealthy nations. Here’s more on what the report calls for:Rich nations should pay poorer nations for cutting their greenhouse gas emissions and enact climate change adaptation measures. By setting a price of €1 per ton of greenhouse gases in 2013, rising to €3 by 2020, a total of €164 billion ($125 billion) could be raised.

From the paper,

All developed countries will need to contribute to financial resources for adaptation and mitigation in developing countries via public funding and the use of carbon crediting mechanisms.

Doing So Could Bring China/US Into Post-Kyoto Agreement
One goal of the plan seems to be to encourage China, currently the world’s largest total carbon emitter (by most measures if not officially updated on most tables out there), to agree to internationally binding climate measures. This could in turn lure the United States into signing onto them as well.

via: Reuters
Global Climate Change
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European Union Agrees to New Emissions Reduction Plan: 20/20/20 by 2020
US, China, Wealthy Nations Should Bear the Costs of Reducing Carbon Emissions: Stockholm Environment Institute

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