No funds for climate change to emerging economies: EC

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No funds for climate change to emerging economies: EC
TIMES NEWS NETWORK

New Delhi: The European Commission has indicated that it was unwilling to provide funds for climate change to India and other emerging economies.
Communicating its views on global climate change finance, the Commission said in a note released on Thursday, “Many developing countries, especially the economically more advanced ones, have sufficient own financial resources at their disposal to stimulate the necessary domestic investment (for climate change).”
The communication, which drew flak from Indian officials, noted that EU would contribute 2-15 billion Euros per year from 2020 to developing countries for mitigation, adaptation, technology as well as capacity building. While claiming that advanced economies (read India, China, Brazil and South Africa) had to rely on their own funds, it demanded a cap and trade regime as well as lowering of emissions by 15-30% below “businessas-usual” by 2020.
One key Indian negotiator said, “It’s an empty barrel that EC brings. I am sure even EC officials are aware what a pittance they offer.”