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Cash still king at COP 15

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Cash still king at COP 15
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The burning of fossil fuels produces greenhouse gases, which are the main cause of climate change.

In the Danish capital it appears that is the only thing world leaders, NGO’s and scientists agree on.

The US and China, as the world’s biggest emitters, are key to a deal in Copenhagen.

Most want a limit on global warming of 2 degrees Celcius on pre-industrial levels.

However, that requires a reduction of emissions of 50 per cent by 2050 on 1990 levels.

According to a confidential UN report of December 15 current commitments will bring down emissions by 16 per cent by 2050 on 1990 levels, which in turn will mean an increase in temperature of 3 degrees Celcius a potentially catastrophic development.

If the scientists are right the planet is in real danger and the door is wide open to all manner of disasters related to climate disruption.

Indeed emissions must have peaked by 2020 to avoid global warming.

To cut emissions hard cash is required for developing countries to build their economy, while at the same time reduceing emissions with the help of green technology.

A short term funding deal is on the cards. Around 7 billion euros has been earmarked for developing countries between 2010 to 2012.

Following that a further 70 billion euros will go to poorer nations each year by 2020, although the funding deal is yet to be cut.

Two billion euros have already been pledged to help stop deforestation. However, many outside the Bella Centre claim that if the planet were a bank it would already be out of the woods.