UNDP: Private sector should help solve climate change

The private sector should do more to help developing nations address the challenges posed by climate change, before circumstances worsen further, according to UNDP administrator Kemal Dervis. Although the UNDP chief acknowledged the importance of official development assistance in preventing potential calamities, he urged the private sector to play a more active role in finding long-term solutions. “The shared mitigation costs will have to go through market mechanisms and will have to involve very strongly the private sector,” remarked Dervis. “If there is no mitigation … then the impact on developing countries 20-30 years from now will become much more severe and the adaptation needs, climate proofing, building dams against floods, changing agricultural crops … will become huge and impossible to handle.” Rapidly growing countries such as India and China have agreed to slash emissions, but both are hesitant to explore the use of cleaner technology without monetary help from the United States, Europe and Japan. “If rich country companies can get some of the emission reductions indirectly by investing in poor countries, you have a solution whereby they continue to produce more profitably at home, but also lead towards cleaner energy work,” the UNDP top official added.

Source: No way to fix climate without private sector -UNDP (Reuters)

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