World Bank Warns 2C Rise Will Cripple Development Efforts
The World Bank yesterday issued its clearest warning to date that development efforts in poorer nations will be derailed without a huge increase in funding for climate change mitigation and adaptation efforts, The Guardian reported. The Bank's annual World Development Report warns that even if the G8 group of industrialised nations achieves its target of limiting global warming to two degrees above pre-industrial levels, the increase in global average temperatures will still result in shrinking levels of GDP for many African and Asian countries. In a move that is likely to bolster the negotiating position of emerging economies, such as China and India, World Bank president Robert Zoellick echoed their view that the onus was on rich nations to deliver an "equitable deal" at the upcoming UN climate change conference in Copenhagen that acknowledges their historic responsibility for global warming. Read more.