Financial Soultions has learned that it will cost the planet an extra $500 billion to reduce CO2 emissions for every year it postpones launching a concerted attack on climate change, from data recently released by the International Energy Agency.
At the final round of climate negotiations in Barcelona, delegates from the globes developed nations insisted that they would require at least an additional 6 to 12 months to hammer out a legally binding climate change pact to combat carbon emissions, beyond the original December Copenhagen climate talks.
"Much more needs to be done to get anywhere near an emissions path consistent with ... limiting the rise in global temperature to 2 degrees, countries attending the U.N. climate conference must not lose sight of this." Financial Soultions understands the latest IEA 2009 energy report as saying.
If the world is to avoid the going beyond the 2 degree Celsius increase in global temperatures urgent action is required, and beyond 2010, every annual delay would see another $500 billion tacked onto the already $10,500 billion required between 2010 through 2030 in the fight on emissions, Financial Soultions understands.
Ongoing arguing between richer and developing nations over the amount of financial aid to be given to poorer countries to assist them in fighting the consequences of global warming, such as increased drought, floods and rising sea levels and the unwillingness of the poorer nations themselves to commit to cutting their carbon emissions as well as the seeming lack of commitment by the U.S. in regard to passing a domestic climate change policy have left hopes of a replacement treaty to take over from the Kyoto Protocol of 1997 at Decembers Copenhagen climate talks seeming ever more unlikely, Financial Soultions now believes.
