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Is Gordon Brown Proposing To Print Climate Money?

ADDIS ABABA, April 5 — Ethiopian Prime Minister Meles Zenawi says the high level Advisory Group on Climate Change Financing has identified various financial sources to help developing countries combat climate change and set directives for further activities.

Meles and British Prime Minister Gordon Brown co-chaired the first meeting of the group held in London last week.

Meles told the Ethiopian Radio and Television Agency that the meeting assessed ways of getting financial sources through air and marine transport and the right of the International Monetary Fund (IMF) to print money and implementation of new taxes, among others.

He added that the meeting had set up three committees to assess the stated alternatives and pass recommendations. The first committee will assess governmental financial sources while the second private financial sources and the third committee will undertake administrative work.

The high-level advisory group to mobilize the climate change financing promised in Copenhagen was assigned by United Nation Secretary-General Ban Ki-moon.

Its mission is to mobilize financial resources through the development of practical proposals to significantly scale up both short and long-term financing for mitigation and adaptation strategies in developing countries.

The group will also investigate how to jump-start the mobilization of new and innovative resources from both the public and private sector. It discharges its responsibilities as per the framework of the recommendation set during the Copenhagen climate change conference.

The recommendation states in Articles 8 and 9 that financial support to be given to developing countries to help them combat climate change between 2010 and 2020 will be secured from various sources including governments, the private sector, bilateral and international institutions.

The Advisory Group is expected to submit its final report to Ban before the next conference of parties to the UN Framework Convention on Climate Change (UNFCCC) in Mexico later this year.

Ethiopian Journal, 5 April 2010

British, Ethiopian PMs, UN Meet Over $100 Billion ’Climate Fund’

London (United Kingdom) The first meeting of the UN-instituted ’climate fund group’ kicked off in London with Britain offering to sign a new Kyoto Treaty as developing countries’ demand, urging those nations to play their parts by enshrining their commitments to tackling global warming in international law.

The move came as the British Prime Minister Gordon Brown and his visiting Ethiopian counterpart Meles Zenawi held prolonged talks on Wednesday with billionaire financier George Soros, United States president Obama’s economic adviser Larry Summers as well as other renowned economists and finance ministers aimed at finding ways to raise £20bn a year immediately to enable developing countries to adapt to climate change.

The high-level advisory group on climate change financing, convened by United Nations Secretary-General Ban Ki-moon and chaired by Prime Ministers Brown Meles Zenawi, will consider at least six ways of raising $100 billion a year by 2020 and $1trilion for climate change adaptation.

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