Global Financial Crisis Impacts the Fight Against Global Warming

Blog Entry 11
Stephanie Adams
November 12, 2008

The head of the U.N. Climate Change Secretariat Yvo de Boer voiced his concerns on the global financial crisis and its likelihood to decrease funding against global warming. The current financial crisis is taking a toll on rich nations and citizens are less likely to support higher taxes for environmental issues. China recently called all rich nations to devote 1% of their worth to help clean up poor countries and create a green path towards development. Almost 200 countries have agreed that they would like to have treaty worked out by 2009 that work towards improving the environment. De Boer believes that the financial crisis will work against the process and deter rich countries from making any promises. De Boer believes it is important that there be a source of revenue to help the developing nations and suggests that the source of revenue come from carbon taxes placed on the companies that contribute to pollution. Using carbon taxes as revenue would allow countries to avoid raising income taxes for their citizens and encourage relationships between countries that will work towards improving the environment. It will also help the poor nations who can afford to put their economy aside in order to go green. De Boer also feels that technology transfer needs more attention. When companies and governments increase technology transfer the likelihood of finding environmentally friendly technology increases. De Bois knows that the carbon tax plan is complicated but feels that it is the most efficient way of helping poor nations and securing the support of rich nations during the global economic crisis.

http://www.reuters.com/article/environmentNews/idUSTRE4A62N420081107?pageNumber=1&virtualBrandChannel=0