Related Articles
Top Stories
Feb 13 2012 12:15
Miner Xstrata says it has brought forward maintenance on two furnaces to assist Eskom to save power.
Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
London - Coping with the ravages of global
warming will cost $50bn a year, and the rich nations who
caused most of the pollution must pay most of the bill, aid
agency Oxfam said on Tuesday.
The call, barely 10 days before a crucial Group of Eight
(G8) summit in Germany which has climate change at its core, is
likely to make already tense negotiations even tougher.
The United States, which Oxfam says must foot 44% of
the annual $50bn bill, is rejecting attempts by German G8
presidency Germany to set stiff targets and timetables for
cutting carbon gas emissions and raising energy efficiency.
"G8 countries face two obligations as they prepare for this
year's summit in Germany - to stop harming by cutting their
emissions to keep global warming below two degrees Celsius and
to start helping poor countries to cope," said Oxfam researcher
Kate Raworth.
"Developing countries cannot and should not be expected to
foot the bill for the impact of rich countries' emissions," she
said, echoing the position of the developing world.
Scientists say average temperatures will rise by between 1.8
and 4.0 degrees Celsius this century due to carbon emissions
from burning fossil fuels for power and transport, causing
floods and famine and putting millions of lives at risk.
The United States is the world's biggest producer of carbon
emissions - although experts predict that boom economy China
will probably overtake it within a year as it builds a
coal-fired power station every four days to feed demand.
Global warming index
Oxfam has created a global warming adaptation financing
index based on the responsibility, equity and capability of each
nation.
It said after the United States, Japan owed 13% of
the bill, followed by Germany on seven percent, Britain just
over five percent, Italy, France and Canada between four and
five percent and Spain, Australia and Korea three percent.
Germany wants the leaders of the G8 along with India, China,
Brazil, Mexico and South Africa at their summit from June 6-8 to
agree to limit the temperature rise to two degrees this century
and to cut emissions by 50% from 1990 levels by 2050.
But in a draft of the final communique to be presented to
the leaders at the summit, Washington rejected these goals in
decidedly undiplomatic terms.
"We have tried to 'tread lightly' but there is only so far
we can go given our fundamental opposition to the German
position," the United States said in red ink comments at the
start of a copy of the draft seen by Reuters on Friday.
"The treatment of climate change runs counter to our overall
position and crosses multiple 'red lines' in terms of what we
simply cannot agree to."
The blunt language of the rejection sets the scene for a
showdown at the summit. A source close to the negotiations
described them as "very tense".