G-20 experts call for more climate finance for developing nations

TOKYO, Sept. 5 Kyodo -
An expert group of the Group of 20 developed and emerging economies called for
new and additional financial assistance for developing nations to better tackle
climate change as they are least able to finance necessary measures without
support, according to the group's report made available Saturday.
''Recognizing the scientific view that the increase in global average
temperature above pre-industrial levels ought not to exceed 2 degrees Celsius,
financial resources for mitigation and adaptation will need to be scaled up
urgently and substantially and should mobilize resources to support developing
countries,'' the expert group on climate finance said in the report.
The report was submitted at a two-day meeting of G-20 financial leaders through
Saturday in London.
The expert group said in the report that establishing appropriate carbon
pricing through such instruments as taxation and emissions-trading systems will
help facilitate the flow of private-sector funds to developing nations.
''International carbon markets have the potential to catalyze mutually
beneficial flows of private finance to developing countries, helping the world
economy reduce emissions at least cost,'' the report said.
The report is apparently intended to facilitate negotiations to adopt a new
climate treaty to succeed the 1997 Kyoto Protocol at the Conference of the
Parties to the U.N. Framework Convention on Climate Change in Copenhagen on
Dec. 7-18.
==Kyodo