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US, G-77 countries differ over investment in green technology

US, G-77 countries differ over investment in green technology
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First Published: Wed, Jun 03 2009. 09 22 PM IST
Updated: Wed, Jun 03 2009. 09 22 PM IST
New Delhi: The US will only fund efforts to catalyse attempts by developing countries such as India to move to a low-carbon economy, it said at the climate change negotiations in Bonn, Germany.
“This is like someone offering to help with your broken down car and then pushing it with two fingers,” an Indian delegate said from Bonn, requesting anonymity.
Negotiators from 181 countries began work on the first draft of a new global warming treaty on Monday. The deliberations will continue till 12 June. Countries are expected to make additions to the draft before beginning the task of cutting deals, weeding out proposals and sharpening the text into a consensus document.
Four more negotiating conferences are scheduled for this year, culminating in Copenhagen, Denmark, in December when the agreement is due to be adopted.
In its official submission to the United Nations Framework Convention on Climate Change, the US said it would like countries such as India to go for market-driven solutions and address concerns of competition while mobilizing investment. The US’s viewpoint doesn’t specify the size of investments required to achieve this.
The Group of 77 countries that includes India and China are sticking to their position that emission cuts of greenhouse gases that lead to climate change in poorer nations can only take place with financial and technological support from developed nations.
A study by consultancy firm Mckinsey and Co., which is yet to be released, on costs of reducing greenhouse gases in India, shows the country needs an investment of €650-700 billion (Rs43.48 trillion-Rs46.83 trillion) till 2030 to reduce 2.7 billion tonnes of carbon dioxide, a greenhouse gas, assuming a 7.5% annual economic growth.
“In effect, what the US is saying (through its submission) is that for every penny we invest in these countries, we expect a much higher return via their so-called green technologies,” said a government official, declining to be named citing ongoing negotiations.
China has said in the current round of negotiations that attempts by developing countries to come up with national mitigation plans and its costs should be sponsored by the richer nations.
Reuters contributed to the story.
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First Published: Wed, Jun 03 2009. 09 22 PM IST