| December 14, 2009 |  |
New Major Economics Fund is a Sign of Progress at Copenhagen
Statement by Rachel Cleetus, climate economist at the Union of Concerned Scientists
COPENHAGEN, Denmark (December 14, 2009) — U.S. Energy Secretary Steven Chu and India's Environment Minister, Jairam Ramesh, jointly announced a plan today to fund deployment of clean energy technologies in developing countries. The Climate Renewables and Efficiency Deployment Initiative (Climate REDI), which grew out of a Major Economies Forum process, commits $350 million over a five year period.
The U.S. share of this fund would be $85 million. Italy, Australia, the United Kingdom, the Netherlands, Norway and Switzerland will also contribute. This effort is separate from finance commitments that are being negotiated at the United Nations climate talks now underway. The monies will be used to buy down the costs of efficient appliances and low carbon technologies like solar panels in African countries and other poor countries, as well as provide technical know-how and build capacity.
Below is a statement from Rachel Cleetus, an economist in the Climate and Energy program at the Union of Concerned Scientists.
"This is an important step that signifies the world's largest global warming emitters are working together to address the problem. Clearly, much more will be needed in short- and long-term financing to truly scale up low carbon technologies globally and ensure success at the Copenhagen negotiations."
The Union of Concerned Scientists puts rigorous, independent science to work to solve our planet's most pressing problems. Joining with citizens across the country, we combine technical analysis and effective advocacy to create innovative, practical solutions for a healthy, safe, and sustainable future.
