Australia can improve the chance of a successful outcome at the UN climate change summit by also announcing how much finance it would put on the table to help developing countries adapt to the escalating effects of climate change and reduce emissions
OXFAM AUSTRALIA has urged the Australian government to show the world that it is serious about tackling climate change, despite the failure of its emissions trading scheme (ETS) legislation. Oxfam's climate change spokeswoman Kelly Dent has said that ETS bill's failure to pass in the Senate was no reason for not committing to "meaningful action on climate change in Copenhagen" when world leaders meet this week to agree to measures to tackle global warming.
"The ETS is only one of several mechanisms that would contribute towards reducing Australia's emissions, apart from greater energy efficiency measures and a boost in renewable energy investment", said Dent.Australia can improve the chance of a successful outcome at the UN climate change summit by also announcing how much finance it would put on the table to help developing countries adapt to the escalating effects of climate change and reduce emissions."The lack of commitment from rich countries on finance is seen as a deal-breaker in these negotiations," she said.
Australia and other rich countries could set off a chain reaction that would lead to a global climate agreement if they together put forward at least $US200 billion ($A215.68 billion) per year in new public funds."It's about the responsibility of rich countries, who have directly contributed to the climate crisis, to support poor people in Developing countries, who are least to blame but are already suffering from its effects.”She said $US200 billion ($A215.68 billion) a year was less than the annual subsidies provided as agricultural support by rich countries to their industries ($US250 billion a year) and made financial sense compared to the costs of inaction on climate change.The International Energy Agency recently estimated an extra $US500 billion ($A539.2 billion) would be needed for each year significant action on cutting emissions .