ID :
10035
Sun, 06/15/2008 - 15:59
Auther :
Shortlink :
https://oananews.org//node/10035
The shortlink copeid
DEVELOPING NATIONS HAIL CLIMATE CHANGE FUNDS AT G-8 MEETING
OSAKA, June 15 (Kyodo) - Developing economies that attended the Group of Eight finance ministers' meeting in Osaka hailed Saturday the initiative led by some major industrialized countries to set up international investment funds to help battle climate change.
Representatives from countries including China, Thailand, Brazil and South Africa threw their weight behind the efforts to establish the Climate Investment Funds led by Japan, the United States, Britain and the World Bank, while also calling for strengthened commitment from advanced economies in order to fight global warming.
Officials from the four less developed economies attended the G-8 ''outreach'' breakfast meeting, along with Australian and South Korean ministers.
The proposed funds are designed to provide financing for developing countries to seek cleaner development and mitigate the impact of climate change.
The countries invited to the G-8 meeting discussed their respective efforts to cut greenhouse gas emissions, Japanese Finance Ministry officials said.
Although developing nations are not subject to any legal obligation under the Kyoto Protocol, they have set their own targets to cut emissions.
At the outreach session, the emerging economies warned that a lack of strong commitment from developed nations to address climate change could undermine the enthusiasm of the developing world.
They expressed hope that technology in advanced economies will be transferred to less developed nations to help them reach a balance between economic development and environmental protection.
Representatives from the European Commission, the Asian Development Bank, the International Energy Agency, the International Monetary Fund, the World Bank and the Financial Stability Forum also took part in the breakfast meeting.
The G-8 -- Britain, Canada, France, Germany, Italy, Japan, Russia and the United States -- held a similar outreach session at a dinner on Friday at which they examined the impact of surging oil and food prices on the global economy.
The G-8 finance ministerial talks were part of preparations for the G-8 summit to be held in the Lake Toya resort area of Hokkaido, northern Japan, on July 7 to 9.
Representatives from countries including China, Thailand, Brazil and South Africa threw their weight behind the efforts to establish the Climate Investment Funds led by Japan, the United States, Britain and the World Bank, while also calling for strengthened commitment from advanced economies in order to fight global warming.
Officials from the four less developed economies attended the G-8 ''outreach'' breakfast meeting, along with Australian and South Korean ministers.
The proposed funds are designed to provide financing for developing countries to seek cleaner development and mitigate the impact of climate change.
The countries invited to the G-8 meeting discussed their respective efforts to cut greenhouse gas emissions, Japanese Finance Ministry officials said.
Although developing nations are not subject to any legal obligation under the Kyoto Protocol, they have set their own targets to cut emissions.
At the outreach session, the emerging economies warned that a lack of strong commitment from developed nations to address climate change could undermine the enthusiasm of the developing world.
They expressed hope that technology in advanced economies will be transferred to less developed nations to help them reach a balance between economic development and environmental protection.
Representatives from the European Commission, the Asian Development Bank, the International Energy Agency, the International Monetary Fund, the World Bank and the Financial Stability Forum also took part in the breakfast meeting.
The G-8 -- Britain, Canada, France, Germany, Italy, Japan, Russia and the United States -- held a similar outreach session at a dinner on Friday at which they examined the impact of surging oil and food prices on the global economy.
The G-8 finance ministerial talks were part of preparations for the G-8 summit to be held in the Lake Toya resort area of Hokkaido, northern Japan, on July 7 to 9.
