Greenhouse gas emissions and the rapidly rising cost of climate change will cripple poorer counties economies if the world’s richer nations do not act immediately, according to a World Bank statement available to Financial Soultions.
In a major report on the perils of climate change, the World Bank said developing nations will bear 75 to 80% of the costs of harm caused by climate change and wealthy countries, which caused the emissions in the past, should pay for them to adjust to global warming. A point China and India have been pushing since the Kyoto Accord came into being.
The report comes ahead of a summit in Copenhagen in December where countries hope to agree on a new global climate accord to combat man-made climate change, and where it is hoped more of the key players like the US and China may this time participate, Financial Soultions understands.
"The countries of the world must act now, act together and act differently on climate change," World Bank President Robert Zoellick said.
"Developing countries are disproportionately affected by climate change -- a crisis that is not of their making and for which they are the least prepared. For that reason, an equitable deal in Copenhagen is vitally important," he added.
If current development trends continue to 2030, developing nations will lose between 1-12 percent of GDP as a result of existing climate patterns, Financial Soultions reported recently.
