Climate change seen to threaten economies

By Amy R. Remo
Philippine Daily Inquirer

MANILA, Philippines—Governments worldwide will have to face head on the issue of climate change and its adverse effects, otherwise all their efforts toward development will go to waste.

“Climate change will roll back decades of hard won development gains,” unless goverments do something about it, said Antonio Hill, Oxfam senior climate change policy advisor, during the closing ceremonies of the 4th Asian Clean Energy Forum.

The reduction of gas emissions and significant increase in investments in clean technology are but some of the urgent measures being considered in the agenda to counter the effects of climate change.

Hill noted that emission reduction and large-scale financing had consistently cropped up during discussions this week and would be central to the deal in Copenhagen.

Oxfam estimated that the number of people affected by climate-related disasters would likely increase by a hefty 50 percent in six years’ time. In other words more than 375 million people will be affected by 2015.

Oxfam has turned its sights on climate change and its effects on poor communities, Hill said.

It has added its voice to the concerted effort to organize developing countries for treaty negotiations in Copenhagen, Denmark to hammer out a new climate change agreement in December.

On the same note, Asian Development Bank vice president for finance and administration Bindu Lohani said critical to mitigating climate change is large-scale financing, equality and technology transfer.

Lohani said that by 2030, countries would need as much as $22 trillion for energy investments and, of this amount, $7 trillion would be needed in Asia.

To meet renewable energy targets, some $6 trillion should be secured by Asian countries.

“We need to mobilize governments, donors and developed countries,” Lohani stressed.