Robert Lane Greene

December 10, 2009

Arguments over money dampened the euphoria at the start of the Copenhagen climate talks

“Everyone agrees that poorer countries, including India and China, need cash for climate ‘mitigation’—adopting green technology and new approaches to land use and forest conservation—and for ‘adaptation’: coping with the anticipated effects of climate change, some of which (like a degree of sea level rise) look unavoidable. America has joined the list of countries accepting such transfers, saying it will pay its ‘fair share’. Rich countries have talked of a ‘quick start’ fund. The leaked Danish text has it starting in 2010-12 at a value to be determined; the UN has suggested $10 billion. To poor countries, this sounds paltry: responses range from ‘bribery’ to ‘it will not even pay for the coffins’. Instead, the G77 has asked for 0.5% to 1% of the rich countries’ GDPs. That implies hundreds of billions of dollars on top of existing development aid. The idea that rich countries will hand over 1.2% to 1.7% of their wealth in perpetuity is not going to fly…“