Climate changes warm businessmen hearts

By Batuk Gathani

BRUSSELS, NOV. 24. The cynical view of the U.N. summit on global warming in The Hague is that it has attracted more businessmen than bona fide environmentalists.

The businessmen are anxiously monitoring the outcome of the climate change conference as they see the potential of lucrative deals in so-called `emissions trading'. Some 5,000 bureaucrats, businessmen, journalists and green activists have descended on The Hague. As the U.S. and the E.U. continue to uphold their widely differing postures on climate control strategy, prospects of consensus look dismal.

On Wednesday night, scuffles broke out as some 20 British protestors broke into a room where a group of Ministers were negotiating. The protestors shouted slogans that the U.S. should do more to stop global climate change. India is represented by Mr. Suresh Prabhu, Minister of Power who held bi- lateral discussions with leaders of other key delegations, including the Chinese. India informally acts as a coordinator of the `Group 77' countries.

The conference is discussing three mechanisms of the Kyoto protocol, agreed at the Kyoto conference three years ago. It now remains to be seen what significant agreements are reached on the operations of the Kyoto mechanisms.

Whatever is the outcome of the conference, the reality - particularly for global commerce - is that the emerging emissions market is worth billions of dollars a year. The tone and ethos of the conference are highlighted by a widening chasm between the U.S. and the E.U. over the strategy related to the ways and means to control emissions.

This is the heart of the matter and a major obstacle to structure an agreement on the final shape of the `Kyoto protocol' signed three years ago, but which has remained dormant.

Scientists now feel convinced that the global climate is hotting up with impending signs of drastic changes. Experts also argue that it would be futile to reach hasty and emotive conclusions as the science of climate change is in its infancy. The common perception based on current evidence is that global warming is indeed happening. Also, it is man-made and there is a possibility of disastrous consequences.

The politicians and government officials have to hammer out a consensus approach to contain the challenges and this may not happen at The Hague conference, despite much official rhetoric to the contrary. The developed world finds itself in an ideological, moral and scientific quandary as the argument centres on the use of so-called emissions trading and utilisation of carbon `sinks' like forests that could lower the cost of reaching targets agreed at the Kyoto conference.

The costs will be enormous. How much can developing countries sustain remains to be seen. The more optimistic perception is that the conference can give all Governments a chance to craft a sensible response to the Kyoto protocol. This could unleash a long-term process which can be more pragmatic and cost effective, as the science of climate change matures.

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Section  : International
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