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Carbon pricing vital for climate challenge

26 February 2008

Nearly 140 governments on Monday agreed that stable carbon pricing was vital to minimise climate change going forward.

At a meeting in Monaco, participants discussed how to mobilise finance and investment for the "climate challenge".

Roberto Dobles, Costa Rican environment minister and president of UNEP's governing council, said: "Sufficiently high and long-term predictable price for carbon will be central for mobilizing capital for the new economy."

The meeting comes after the five-day gathering of environmental ministers ended on Friday.

The UN environmental programme-run forum was the largest meeting of environment ministers since last December¿s UN climate change conference in Bali, Indonesia.

Many participants want the adaptation fund of the Kyoto protocol to become operational as soon as feasible to ¿climate proof¿ at risk economies.

Mr Dobles said the clean development mechanism needed to be boosted by "significant" contributions from industrialized countries.

"Developing countries no longer need to be convinced of the advantages of green growth, but they do need financial and technical assistance in order to make the transition to lower carbon economies," a summary said.

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