Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-10-21-Speech-3-044"
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"en.20091021.2.3-044"2
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"Mr President, the Swedish Presidency and the Commission both refer to the importance of an EU agreement on the financing of climate change measures for developing countries. I agree. But the offer on the table from the Commission is a smoke-and-mirrors proposal which developing counties have every reason to question.
Mr Barroso said just now that the carbon market in emerging countries will cover most of the EUR 100 billion a year estimated cost of climate change mitigation and adaptation.
But there is no certainty that the international carbon market will deliver EUR 38 billion a year in financial flow to developing countries. We have seen how unstable the carbon price has been in the EU ETS and how long it is taking for a proper carbon market to emerge.
A further major flaw is the assumption that developing and emerging countries will be happy to fund their own energy efficiency measures. That is absurd. What is blocking energy efficiency in our own Member States is the lack of up-front funding mechanisms, yet we are assuming that developing countries can find their own money. We need to have extra finance."@en1
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