Wednesday, September 30, 2009

Climate change to cost developing countries billions

By South East Asia correspondent Karen Percy

ABC News Online,  Wed Sep 30, 2009
The World Bank estimates that it will cost $85 billion to $113 billion a year for developing countries to adapt to climate change.
It has underscored the need for solid results in UN-backed climate talks currently underway in Bangkok.
Financing to assist developing countries in dealing with climate change is at the heart of the two-week long talks in Bangkok.
The World Bank expects that about 30 per cent of its projected expenditure - or as much as $35 billion - will be needed every year by East Asian and Pacific countries alone to adapt to the effects of climate change.
The costs would include improving infrastructure to mitigate flooding, protecting coastal areas and similar projects.
The World Bank report centres on one of the most comprehensive studies of the economics of adapting to climate change.
The figures are based on a 2 degree warming over the next 40 years.
Additional money will then be needed to help developing nations cut carbon emissions.
These talks are aimed at setting the framework for the Copenhagen meeting in December.

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