Reuters AlertNet Full site
Homepage | Newsdesk | NGO Latest | Crisis briefings | Country profiles | MediaWatch | Jobs | Alerting | Login

NEWSDESK

Industry, investors urge strong U.N. climate deal
08 Dec 2008 20:33:57 GMT
Source: Reuters
(adds comments from insurers, business groups)

By Alister Doyle and Gerard Wynn

POZNAN, Poland, Dec 8 (Reuters) - Major companies, investors and insurers appealed on Monday for decisive action to fight climate change at a meeting in Poland working on a new U.N. pact to fight global warming.

Climate negotiators in the western city of Poznan are meeting on a new climate treaty meant to be agreed by next December in Copenhagen to replace or extend the Kyoto Protocol after 2012.

"At a time when the global economic downturn may cause some to question whether now is the time to act, we believe that decisive action will stimulate global economic activity," leaders of more than 140 companies said.

The statement, drafted by the UK-based Corporate Leaders' Group on Climate Change (CLG), represented companies including Ebay, Sun Microsystems Inc <JAVA.O>, BP <BP.L>, and Unilever <ULVR.L>. For the full letter double-click on www.poznancommunique.com

Climate policies such as carbon trading or carbon taxes add to fuel bills and impact the profitability of investment choices for example between fossil fuels and low-carbon alternatives, and business lobbies say they want more clarity.

"If business people cannot see what is the next 10, 15, 20 years they cannot assess the profitability of their investments," said Guy Sebban, secretary general of the International Chamber of Commerce, a global federation of employers and businessmen.

Some delegates, negotiators and analysts at the U.N. talks have suggested that the financial crisis coupled with the short time available for U.S. President-elect Barack Obama will scale back ambitions for Copenhagen.

That could water it down to an agreement on a set of principles rather than a full treaty to confront warming. That could make it harder to agree goals for emissions cuts in time before current goals under the Kyoto Protocol expire in 2012.

An investor delegation for the first time presented on Monday a call for action to the annual U.N. climate talks.

Their statement, signed by 152 global investors worth over $9 trillion, called on world leaders to negotiate a strong and binding successor to the Kyoto Protocol, to ensure investors receive market signals to fund a transition to a low-carbon economy.

Like the CLG statement, the banks and pension funds called for a continued commitment to carbon markets -- favoured by the business community as a flexible, low-cost regulatory approach to curbing carbon emissions.

The full investor statement can be read here http://www.iigcc.org/docs/PDF/Public/InvestorPolicyStatement8Dec08.pdf

Insurers also said they had a role to play in a future deal, especially to help offset the costs of adapting to the impacts of climate change such as rising seas, droughts and floods.

"The insurance sector is one that most directly experiences the impacts of climate change," said Andrew Torrance, head of ClimateWise which groups 42 insurers. "We are looking forward to insurance being a central component of a Copenhagen deal."

He said insurers paid a record $83 billion in disaster-related payments in 2005, the year of Hurricane Katrina in the United States. (Additional reporting by Gabriela Baczynska) (Editing by Keith Weir)


AlertNet news is provided by

Email this article       Send comments

Topics

•  Climate change

MORE >>

NGO latest

•  Red Cross Red Crescent: Volunteer spirit must be harnessed to fight fast-changing crises
IFRC - Switzerland

•  GLOBAL MEASLES DEATHS DROP BY 74%
Red Cross - USA

•  The humanitarian cost of climate change
Red Cross - UK

•  CARBON CUTS TARGETS WILL RULE OUT NEW COAL FIRED POWER PLANTS
Christian Aid - UK

•  EU CLIMATE PLANS 'DANGEROUSLY INADEQUATE' SAYS NEW REPORT
Christian Aid - UK

MORE >>

Latest news

•  Industry, investors urge strong U.N. climate deal

•  PREVIEW-Merkel trip to Poland sets seal on improved ties

•  SCENARIOS-Closing Guantanamo raises some nettlesome issues

•  Israel's Netanyahu upbeat on Obama plans for Iran

•  Blackwater guards charged in Iraq shooting

MORE >>
AlertNet news is provided by

Del.icio.us Del.icio.us  |   Digg Digg  |   NewsVine NewsVine  |   Reddit Reddit   
Thumb for /thefacts/imagerepository/RTRPICT/2008-11-27T005729Z_01_STG18_RTRIDSP_2_CARBON-FORESTS_mainimage.jpg|/thenews/pictures/STG18.htm
Thumb for /thefacts/imagerepository/RTRPICT/2008-11-27T005543Z_01_ANT07_RTRIDSP_2_CARBON-FORESTS_mainimage.jpg|/thenews/pictures/ANT07.htm
Thumb for /thefacts/imagerepository/RTRPICT/2008-11-07T042008Z_01_PEK300_RTRIDSP_2_CHINA_mainimage.jpg|/thenews/pictures/PEK300.htm
Thumb for /thefacts/imagerepository/RTRPICT/2008-10-28T061359Z_01_RKR01_RTRIDSP_2_CHINA-ENVIRONMENT_mainimage.jpg|/thenews/pictures/RKR01.htm
Thumb for /thefacts/imagerepository/RTRPICT/2008-10-27T000130Z_01_JAK040_RTRIDSP_2_CLIMATE-GEOENGINEERING_mainimage.jpg|/thenews/pictures/JAK040.htm

A destroyed bulldozer is seen at a burned area in the forest at the coastal town of Laguna Verde, some 115 km (71 miles) northwest of Santiago, in this March 6, ...



Disclaimers |  Copyright |  Privacy |  Contact Us |  Feedback |  About Us |  RSS XML

Last updated:Mon Dec 8 20:36:41 2008