ASIAN DEVELOPMENT BANK LAUNCHES FUTURE CARBON FUND
Jul 13, 2008 |
 The ADB-administered Future Carbon Fund aims to provide up to $200
million to help finance renewable energy, energy efficiency and other
greenhouse gas (GHG) mitigation projects undertaken in its developing
member countries (DMCs). At present, the Kyoto Protocol provides an
international framework for reducing GHG emissions and for the trading
of carbon credits. However, the current commitment period expires in
December 2012, creating a cloud of uncertainty over future investments.
By making upfront payments to developers at the outset of a project for
carbon credits generated after 2012, the fund will help reduce the
initial heavy capital constraints involved in projects and stimulate
new investment. At the same time, it will provide countries or
organisations that have, or are developing, GHG emission reduction
goals - even in the absence of a global framework - the chance to
invest in low-carbon projects in the Asia-Pacific region and receive
carbon offsets in return. ADB has now exceeded its public sector
funding target for the fund with participants including Finland and
Sweden providing approximately half of the total. Seminars are planned
in Asia, Europe and North America to invite the private sector from
ADB’s member countries for the remaining half. |
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EU FINALIZES DEAL TO FIGHT CLIMATE CHANGE
Jul 02, 2008 |
 The European Union finalised plans for battling global warming, seeking
to lead the way toward a broad alliance including other big polluters
like China and the United States. The European Parliament approved
cutting carbon dioxide emissions to 20 per cent below 1990 levels by
2020, heeding warnings of severe weather, famine and drought as the
atmosphere heats up. The deal takes on a greater importance coming just
before Barack Obama assumes the US presidency, amid hopes in Europe he
will cooperate more on tackling climate change than incumbent George W
Bush. “Everybody knows what Mr Obama has set as priorities - energy
security and climate change,” European Environment Commissioner Stavros
Dimas said in the run up to the vote. “Already some voices around the
world are claiming they will copy our package and this is very
encouraging,” he added. The advancing economic crisis had at times
threatened to derail negotiations. A myriad of concessions to water
down the costs for industry helped pin down a deal, although this
fueled criticism from environmental groups. “The focus of the next two
years should now be on energy efficiency and overhauling the
electricity grid system,” said Luxembourg’s Claude Turmes who led rules
to boost green energy through parliament. |
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Eat Less Meat To Combat Climate Change: Dr R Pachauri
Jun 22, 2008 |
An important way of combating global warming is to cut down on the
amount of meat we eat, according to the world’s leading authority on
climate change. Dr Rajendra Pachauri, Chair of the United Nations
Intergovernmental Panel on Climate Change (IPCC) which, last year,
jointly won the Nobel Peace Prize, told The Observer newspaper in an
interview that people should have one meat-free day a week and then go
on to reduce their meat consumption even further. According to
Pachauri, diet change was important because of the huge greenhouse gas
emissions and other environmental problems - including habitat
destruction - associated with rearing cattle and other animals. It was
relatively easy to change eating habits compared to changing means of
transport, he said. The UN’s Food and Agriculture Organisation (FAO)
estimates that meat production accounts for nearly 18 per cent of
global greenhouse gas emissions. Transport, by contrast, accounts for
just 13 per cent of humankind’s greenhouse gas footprint, according to
the IPCC. Livestock emit methane and other greenhouse gases through
excrement and belching.
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