Spain Supports Mexican Initiative For Climate Fund
By Bernd Radowitz, Of DOW JONES NEWSWIRES
ESTORIL, Portugal -(Dow Jones)- Spain supports an initiative by Mexico to
create a "green fund" to which developed countries would contribute to finance
cuts in carbon dioxide emissions in developing nations, a spokesman for the
Spanish prime minister´s office said Tuesday.
Mexican President Felipe Calderon and Spain´s Prime Minister Jose Luis
Rodriguez Zapatero discussed the issue during a breakfast earlier Tuesday.
The spokesman said that the initiative was also being supported by Norway.
Calderon Monday proposed a fund to introduce a financial mechanism to give
more effective incentives for reductions in CO2, and said the fund was necessary
as the upcoming Copenhagen climate summit won´t produce an agreement
capable of substituting the Kyoto Protocol.
If developed countries were to pay EUR10 a metric ton of CO2 that developing
countries would reduce, the proposed fund could amount to EUR150 billion within
10 years, Calderon said. His calculation was based on an assumption that by
2020, the world needs to reduce some 15 billion tons of CO2 emissions.
Figures for the fund still need to be subject of negotiations, the spokesman
from the Spanish government said Tuesday.
Zapatero and Calderon are here for the Iberoamerican Summit that ends Tuesday.
-By Bernd Radowitz, Dow Jones Newswires; +34-618 526 915; bernd.radowitz@
dowjones.com
(END) Dow Jones Newswires
12-01-090805ET
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