Conservative Environment Minister Rona Ambrose likes to denounce the Kyoto accord because it would mean Canada would pay foreign countries to reduce their greenhouse gases. Of course she has made it sound like that would be a bad thing. Too bad the World Bank disagrees with her. As do the investment bankers Morgan Stanely. So even the scions of capitalism say the Tories have it wrong. Time for her to resign.
Rich should pay for forests: World Bank
Global warming caused by rapid deforestation could be curbed if developing countries were paid the proper rewards for maintaining their forests, according to a World Bank report.
The report released this week noted that the world's forests are disappearing at a rate of five percent a decade as woodland is cleared for timber and production of in-demand commodities like beef, coffee and soybeans.
But the land would have far more value if developing countries were paid to preserve their forests on global carbon markets, the report said. Such markets are an offshoot of the Kyoto agreement, and allow countries that struggle to meet targets for industrial emissions of carbon dioxide (CO2) to pay other countries that keep their emissions down.Global push to cut greenhouse emissions
The drive to tackle climate change gathered pace on Thursday as Morgan Stanley, the investment bank, announced a $3bn plan to invest in the carbon trading market amid mounting evidence that some US states are growing more sympathetic to international action.
The moves come just days before a UK government report is expected to propose a huge expansion of the global market in trading permits for carbon dioxide emissions. It will also propose extending existing mechanisms for western companies to benefit from promoting cleaner energy in poor countries.
A bigger market could offer substantial business opportunities. One recent calculation suggests that global expenditure on curbing the effects of climate change could be worth about $1,000bn (£529bn) within five years of action being agreed.
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