The World Bank reveals a new study on the cost of fighting climate change as delegates at the Bangkok Climate Change Talks continue negotiations on a new climate change treaty to succeed the Kyoto Protocol.
BANGKOK, THAILAND (SEPTEMBER 30, 2009) REUTERS - Developing countries will need to spend as much as $100 billion annually for the next 40 years to adapt to more extreme and severe weather changes, according to a World Bank study released on Wednesday (September 30).
"Achieving a two-degree world will cost about 75 to 100 billion dollars per year from now, from 2010 to 2050. This is low compare to GDPs its on par with the amount of development assistance to developing countries. So, it is about the same level," Director of World Bank's Environment Department, Warrant Evans told reporters at a news conference during climate change talks in Bangkok.
Despite previous estimates of $9 billion and $104 billion, the World Bank said the latest projection came from its most in-depth analysis of the impact of climate change.
He added that East Asian and Pacific Asian countries with growing economies are experiencing rapid urbanisation, especially in costal areas, and would bear the highest cost.
Meanwhile, a hundred green activists demonstrated outside the UN building, accusing rich countries of causing the most global warming.
"This climate problem is because of the over use of energy transportation for hundreds of years since industrialisation," said Jubilee South Activist representative, Vinod Raina.
The activists said rich countries should bear the costs of combating climate change.
"So, we shouldn't have loans and we shouldn't have World Bank giving loans, which people have to repay. It should be rich countries giving ground and reparation." added Vinod Raina.
Earlier, the head negotiator for the Philippines urged rich nations at the U.N. climate talks to toughen emissions cuts, claiming the typhoon that hit the country this week was a taste of future effects of climate change on poor nations.
"The death, the pain and the damage in the Philippines helps us to understand the necessity of an earnest negotiations," Chief Philippine Climate negotiator, Heherson Alvarez told reporters.
Typhoon Ketsana killed 246 people and triggered widespread flooding in the capital Manila.
The storm, which has also killed 32 in Vietnam, dumped a month's worth of rain in 24 hours in Manila, overwhelming rescue services.
The storm has become a focus of the marathon climate talks in Bangkok this week, with developing nations and green groups saying it is an example of the type of climate disaster poor nations could face in a warmer world.
Delegates from about 180 countries are meeting in the Thai capital trying to narrow differences on emissions reduction targets, climate finance and transfer of clean-energy technology before a December deadline to seal a tougher pact to replace the Kyoto Protocol.
The Bangkok talks, which run until Oct. 9, is the last major negotiating round before a gathering in Copenhagen in December that the United Nations has set as a deadline to seal a broad agreement on a pact to expand and replace the Kyoto Protocol.