Obama Under Pressure: UN Demands Massive Wealth Transfer

  • Date: 08/12/09

The Daily Telegraph: At the Copenhagen climate summit, the world’s top environment watchdog welcomed the fact President Obama will now be attending the talks but said the US target of cutting carbon emissions by 17 per cent by 2020 on 2005 levels was not high enough.

“To make up for this, he said the Americans must invest in a global fund to help developing countries cut their emissions.

“The litmus test is show me the money,” he said. “If you are going to come to Copenhagen and you are not able to deliver emissions targets at the moment along the lines the other industrialised countries have done then possibly one way you could convince the rest of the world you are serious about engaging is to finance – with a significant and credible contribution – the start up of the quick-start funding and become part of a an international financial ambition that will convince developing countries that they actually have an interest in signing a deal, rather than being taken to the cleaners as many of them have decided.”

The global fund is likely to be around $10 billion from next year, rising to $100 billion per annum by 2020.

With America being the biggest economy in the world, he said it would “not be an insignificant amount” but the US already spends billions abroad in order to secure national security and trade.

“Americans are afraid of throwing good money after bad government but that in my mind is a complete misreading of the opportunities, not least for the American economy,” he said.

Mr Steiner also said the UK has to invest cash and make sure it meets its targets of cutting emissions by a third on 1990 levels by 2020.

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