Many support $100 billion a year on climate change

UN Secretary General Ban Ki Moon said that many world leaders are supportive of the proposal that would earmark a staggering $100 billion per year over the next decade for concrete actions to curb greenhouse gas emissions and help countries cope with the impact of climate change.

These conclusions were arrived at when leaders discussed how to finance the costs of dealing with climate change during the Sept 22 climate summit, which was the largest ever to deal with global warming. It is also important to note that China and the US are responsible for about 20% of all of the world’s greenhouse gas pollution caused by burning of coal, natural gases and oil. The EU is next, accounting for about 14%, while Russia and India account for roughly 5% each. Hence the EU is now urging other developed nations to match its pledge to cut emissions by 20% from 1990 levels by 2020. They have also upped the ante by stating that they would cut up to 30% if other developed countries follow suit. That being said, smaller island nations with threats of being submerged are pushing for a more stringent target of a reduction in temperature by 1.5 Celsius.

The UN Secretary General is flying to Sweden this week to discuss the possibility of another summit.