Climate fight 'will cost 175 bln euros a year by 2020'

Yahoo News 21 Jan 09;

BRUSSELS (AFP) – The global cost of tackling climate change will reach 175 billion euros annually by 2020, according to European Commission estimates, an EU source said Wednesday.

The annual figure will rise progressively to that amount, the EU's executive arm estimates in an internal report prepared for international climate change negotiations to be held in Copenhagen in December.

Last month European leaders approved a climate change action plan which it hopes will become a model for the Copenhagen talks.

The European Commission has drawn up a series of proposals on the climate change/energy objectives to be shared out by other continents.

These will be discussed in Brussels next Wednesday when the global investment figure will be considered by EU commissioners and their departments among other measures.

All sectors of the global economy, including notably aviation and maritime transport, should take part in the effort to reduce greenhouse gas emissions, according to the commission.

In their own climate battle plan, the European Union has obliged all airlines flying in and out of EU nations to cut CO2 emissions to 97 percent of 2005 levels and, from 2012, to buy 15 percent of their polluting rights.

The US and IATA, the international air transport association, have opposed such constraints.

By contrast, the EU has not fixed its own environmental targets for maritime transport, preferring to aim for an international accord rather than introducing a European deal which would have to be adapted later, the European source told AFP.

The overall EU climate change goals oblige EU member states and industry to reduce greenhouse gas emissions by 20 percent from 1990 levels.

EU nations have also agreed to boost renewable energy sources to make up 20 percent of total energy needs and to make 20 percent cuts in overall energy use.