A United Nations report recommends a new Marshall Plan of more than $500 billion per year, or one per cent of global output, to help developing countries ease the impact of global warming and adjust to its effects while continuing on a path of economic growth. For every rise of one degree in global temperature, the annual average growth in developing countries drops betweens two and three percentage points with little impact on advanced countries.
However, to satisfy development needs, energy demands will have to rise in developing countries, posing a challenge in how to combine the reduction in greenhouse gas emissions with economic objectives. The World Economic and Social Survey suggests that market solutions, including the development of a carbon market, through “cap and trade” mechanisms or taxation schemes in developed countries, are not the solution for developing countries. Rather, it recommends a combination of large-scale investments and active government policy interventions for developing countries.
Among the possible multilateral measures in support of a global investment programme set out in the report is the creation of a global clean energy fund, a global feed-in tariff regime in support of renewable energy sources, a climate technology programme and a more balanced intellectual property regime for aiding the transfer of clean energy technology. Currently, the financing needed to meet the climate challenge that is available to developing countries from bilateral and multilateral sources is estimated at about $21 billion. That amount will have to rise manifold, and sooner rather than later. This is a daunting challenge.
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