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Climate Change Financing Requires Many Sources, Stern Says
2010-08-05 13:35:51.20 GMT
By Jeremy van Loon
Aug. 5 (Bloomberg) -- The world will require multiple
sources of funding for the $100 billion in annual grants to help
nations adapt to climate change, said Nicholas Stern, who is
advising the United Nations on global warming financing.
A combination of national financing including taxes and
carbon markets will help to provide a "sustainable" source of
money, he told climate negotiators at a meeting today in Bonn.
Stern and others will provide a report to UN Secretary-General
Ban Ki-Moon later this year.
Industrialized nations as part of the Copenhagen Accord
pledged $100 billion annually for developing countries to help
them adapt to climate change and cut emissions. Securing that
much money will be "challenging but feasible," said Kjetil
Lund, state secretary at the Norwegian Finance Ministry who is
also advising the Secretary-General.
Stern published in 2006 a widely cited study of climate-
change economics for the British government. His report said
global warming may cost as much as 20 percent of the world's
gross domestic product because of the effects of famine, rising
sea levels, storms and other environmental damage.
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--Editor: Reed Landberg, Jonas Bergman
To contact the reporter on this story:
Jeremy van Loon in Bonn via +49-30-70010-6231 or
jvanloon@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or landberg@bloomberg.net.
