Japan is about to announce a 5-year, $10-billion dollar aid package to help developing countries adapt to the effects of global warming. As I noted yesterday, industrialised countries have only paid about US$163 million towards helping the Least Developed Countries (LDCs) adapt to global warming - less than what Canadians spent on hair conditioner last year - accoding to the UK-based development agency, Oxfam. Out of that miserly sum just $10-million has actually been released.
Now the Japanese aid package at $10-billion is impressive but even that won't go far. Only when the biggest polluters such as the US and China begin making their own contributions many times greater yet than the Japanese package will the global warming consequences begin to be ameliorated for the Third World and time is becoming a serious factor.
According to Reuters, the European Union is looking to borrow a "colossal sum" on world capital markets to be provided to help poor nations reduce their greenhouse gas emissions and cope with climate change.
EU Development Commissioner Louis Michel also said, 'My aim is to create a global loan with the World Bank - we are working with President Robert Zoellick - to help the Least Developed Countries fight climate change.' He further added that rich nations would repay the loan over a long period, and some of that funding could be raised from the private sector through taxation or other tariffs.
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