Developing World Assistance Likely to Bring $100 Billion Boom to Renewable Sector
One of the contentious issues at Copenhagen is how much money to give to the developing world to help avert the sharp rise in carbon emissions expected in the about-to-industrialize countries. The funds are to come from the developed world, and this fund is generally framed in the US media (and not just by Glen Beck), as a giveaway. The New York Times puts it like this: Climate Deal Likely to Bear Big Price Tag.
“The money would be used to help developing nations reduce emissions by switching to renewable energy sources like wind and solar and by compensating landowners for not cutting down or burning forests, a major source of carbon dioxide emissions.
Other funds might be used to adjust to effects of a changing climate, like rising sea levels, by building flood walls or relocating settlements to higher ground.”
Is this a “big cost”? Actually, no. This is an investment in solar, and wind, and even flood wall businesses. The real beneficiaries are the countries whose renewable energy businesses will grow from this investment. A more appropriate headline might be: Climate Deal Likely to Bring Big Boom to Renewable Sector.
