Jun 25, 2009 12:36 pm US/Pacific
EU To Aid China In Carbon Capture Test
BRUSSELS (AP) ―
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Mexican President Felipe Calderon addresses lawmakers at the State Capitol Wednesday.
CBS
Mexican President Felipe Calderon made a push Monday for his proposal for a $10 billion "green fund" as a more efficient way to fight
climate change than
carbon credits.
Calderon spoke at the opening of the latest session of the Major
Economies Forum on Energy and Climate, which brings together
representatives of 19 countries and the
European Union that together account for 80 percent of the world's
greenhouse gas emissions.
"The current carbon credits would not have to disappear, but they
are not an efficient mechanism," Calderon said, noting that the credits
market "has to match an industry that wants to pollute with another"
that has projects to compensate or reduce gas emissions.
The two-day meeting opened near the city of Cuernavaca. It is the third in a series of talks called for by
President Barack Obama that will culminate with a June summit in Italy.
The goal is to help broker a replacement for the expiring
Kyoto Protocol, ahead of a
United Nations conference in Copenhagen next December on a new international treaty for dealing with
global warming.
Calderon said the green fund could be administered by the
World Bank or some other multilateral agency.
It would be funded by contributions from all nations — and open to
finance projects from all nations — as opposed to largely
private-sector carbon credit market.
"It will have a framework of greater multilateral participation,
which will result in a more equitable and efficient distribution of
funds," Calderon said.
He said the idea "does not seek, as has been traditional, that the
funds to fight climate change ... come from the same old donors as an
act of charity or a handout given to
developing countries."
"It is time to move on from mutual reproaches, to a shared scheme of responsibility," Calderon said.
The amount each country would donate to the fund would be open to
negotiation, but rich countries would be expected to give more.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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