Can Developed Countries Afford $100 Billion a Year To Mitigate Climate Change?

Since the Industrial Revolution, developed countries have emitted enough carbon dioxide to cause climate change. During Copenhagen last year developed countries committed to $100 billion a year by 2020. The UN Advisory Group on Climate Change released a report last week which stated that it is possible to reach the goal of $100 billion, despite the weakened economy, for developing countries to deal with climate change.

The money will come from various sources, according to the report. The breakdown of where the money could come from is below:

  • A carbon price of $20 to $25 per ton with up to 10 percent of total revenues allocated for climate change action “could potentially mobilize around $30 billion annually.”
  • $10 billion from a carbon price on international transportation with 25 to 50 percent of total revenues allocated for developing countries
  • Up to $10 billion from the redeployment of fossil fuel subsidies in developed countries or a financial transaction tax
  • $30 to $50 billion a year could be generated through increasing carbon market flows
  • Multilateral development banks could generate $30 billion to US$40 billion in gross capital flows for every $10 billion in additional resources

“Now is the time to take decisions,” the report urges. David Waskow, a senior advisor on climate change for Oxfam, says that the Advisory Group has “laid out a menu.” Waskow says that “governments and political leaders need to do now is to take items off that menu and create a meal.”

Prime Minister of Ethiopia Meles Zenawi, co-chairman of the Advisory Group, said, “As Africans, we’ve contributed virtually nothing to the environmental mess our planet is in.” He added that although the prospects for “sanity and justice do not appear good, but I refuse to give up.”

“We have narrowed down the different options,” said Prime Minister Jens Stoltenberg of Norway, the other co-chairman of the panel. “We have not made a blueprint where we solve all issues related to climate financing.”


Linda Bishop
Linda McCaughey7 years ago

if you can't breathe the air or drink the water, nothing else you want to do matters.

Tori W.
Past Member 7 years ago

Hopefully, we will realize long before we have reached the point of no return. Only a fool would continue to use up all this earth's resources without replenishing them.

Dan R.
Dan R7 years ago

If you haven't already, see "The Age of Stupid? It's on DVD now. It should be shown widely.

B J, we'll likely 'survive' climate change till 2020, but maybe not comfortably or peacefully. It's more of a long term thing. But there are plenty of other ways that we're disintegrating faster, maybe even enough to save us from that one. I was figuring 2013 would be a major crisis year at least for the U.S. The Mayan calendar could be like a self-fulfilling prophesy, with a lot of people acting differently because they expect, or wish, something unusual would happen. Also the Tea Party in charge and maybe Sarah Palin as President, though Palin looks less likely now. And then there's always peak oil ever more present.

Kathleen, We've been needing "to do it now" for quite a while.

Robert Morrow, we may, or may not, "only produce a little over 1.5 % of the worlds CO2", but it can be enough to cause a small temperature rise, which causes more CO2 generation. That's what we call positive feedback, a factor that's self-enhancing. Cap and trade is a shell game. We need a carbon tax, ideally on all sales stages, on all forms of carbon.

kryzstyna P.
kryzstyna P7 years ago

The U.S.,has done more damage to this environment and the worlds ecosystem in 150 yrs. Than any other nation I can think of.
We can come up with the money to assist bailing this planet out;we have and continue to rape it for whatever price we can.I honestly do not think people understand that IF WE DO NOT THAT HUMANITY,as we know it,WILL CEASE TO EXIST! It is a very difficult thing to,"wrap ones head around". After thousands and thousands of yrs-THIS IS IT!
I don't want to fight for resources-food,water,medicines,violence,fuel,anarchy,shelter,safety,vaccinations,insulin,antibiotics,power,lack of government,no funds to pay for schools,fire dept.,police.....I think parents especially have trouble conceeding that their children may grow up on a disentegrating planet, we've been great destroyers of,as they grow old.Very frightening but reality.

B J Hayes
B J Ellsworth7 years ago

R we gonna survive til 2020? I have my doubts....

Kathleen B.
Kathleen B7 years ago

What ever we do, we need to be doing it now. Everybody, and every country.

Lynn C.
Lynn C7 years ago

In response to the title of the article - why can we afford trillion dollar wars and not repair the planet we live on? We can always afford what we truly want to afford. Let's make a wise choice about what we do with our money.

Marti Williams
Marti Williams7 years ago

Climate change is every country's problem...

Robert Morrow
Robert Morrow7 years ago

I do not believe that any bill or bureaucrat can prevent climate changes by lining their pockets. I do not believe that the new head Messiah can by waving his Moses stick prevent climate change. All one has to do is look back and understand history and climate change has been with us since the beginning of time. How can we be responsible for climate change with CO2 when human kind only produce a little over 1.5 % of the worlds CO2. Maybe with a cap and trade bill and our Messiah can stop the Oceans, Volcanoes, Earthquakes and wild beast from defecating in the woods. Get real out there by keeping your own area clean and think outside the box as any pollution can be reduced by manufacturing by solving any problems. Of course this requires the ability to read, write and think Positive. But, I doubt that can happen as most of our people and children have been taught to stupid by the corrupt government that has been in power for a long time. I am not writing about elected officials, but about the power behind and that which you have no controls over. Look at the FDA, which approves poison drugs killing 100 people every 22 to minutes. Look at the FDA Gestapo swat teams which violate people Constitution rights because they want to drink raw milk. Others trying to destroy your rights are FTC. EPA, FCC and on your dime. Balance the budget by taking their Taxpayer money away. Retired business person, Teacher and Military.

Nicole C.
Nicole C7 years ago

In reference to a comment below...planting trees is great, but we'll never get old growth forests back. We'll never get back the species killed due to our actions. We need to do more. Let's just be careful not to fall for the tired old excuses of corporations if the government were to tax the biggest polluters. You know, arguments like, "this will cost jobs". We can't fall for this environment vs. economy argument. If there isn't an environment, there will be no economy. It's as simple as that.