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Copenhagen Failure Adds $1 Trillion to Climate Costs, IEA Says
2010-11-09 10:00:00.20 GMT
By Mathew Carr and Grant Smith
Nov. 9 (Bloomberg) -- The failure to set emission cuts at
last year's climate talks in Copenhagen added $1 trillion to the
price tag of preventing dangerous increases in temperatures, the
International Energy Agency estimated.
Additional global spending of about $11.6 trillion will now
be needed through 2030 to keep temperatures from rising more
than 2 degrees Celsius (3.6 Fahrenheit), the Paris-based IEA
said today in its World Energy Outlook report. That's about $1
trillion most than the IEA forecast last year.
"These differences are explained by the deeper, faster
cuts in emissions needed after 2020, caused by the slower pace
of change in energy supply and use in the earlier period," the
IEA report said.
Negotiators failed at last year's climate summit in
Copenhagen to reach a binding deal to cut greenhouse gases when
the Kyoto Protocol expires in 2012. Instead, they settled for a
political accord calling for $100 billion a year by 2020 to fund
climate efforts in poorer nations and vowed to stop global
temperature increases at 2 degrees Celsius higher than in pre-
industrial times. Envoys will gather starting Nov. 29 in Cancun,
Mexico, for this year's climate talks.
Global gross domestic product would be reduced 1.9 percent
in 2030 because of the extra climate spending, compared with 0.9
percent last year, the report said.
For Related News and Information:
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--With assistance from Ewa Krukowska in Brussels. Editor: Mike
Anderson, Torrey Clark.
To contact the reporters on this story:
Mathew Carr in London at +44-20-7073-3531 or
m.carr@bloomberg.net
Grant Smith in London at +44-20-7330-7353 or
gsmith52@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
