Monday, August 27, 2007

Major shift in investments crucial to responding to climate change, says UN

Science Daily, from a UN press release: Tackling climate change in the next quarter century will require major changes to patterns of investment and financial flows, according to a recently released report by the United Nations Framework Convention on Climate Change (UNFCCC).

“The study shows us that a conscious effort to shift from traditional investment to more climate-friendly alternatives will require governments to adopt new policies and change the way they use their funds,” said UNFCCC Executive Secretary Yvo de Boer. “The required shift in future investment and financial flows needs a combination of actions by the intergovernmental process under the UNFCCC and national governments.”

The study analyzed both existing and potential investment and financial flows relevant to developing an international response to climate change. It found that the additional amount of investment and financial flows in 2030 will amount to between 1.1 and 1.7 per cent of global investment.

Another key finding of the study is that $200 to $210 billion worth of additional investment and financial flows will be necessary to return greenhouse gas emissions to current levels. “Developing countries will require a large share of investment and financial flows because of their expected rapid economic growth,” Mr. de Boer noted. “This presents a real opportunity.”

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