London: Barely 10 days before a crucial Group of Eight
(G8) summit in Germany which is expected to discuss climate
change as the core issue, aid agency Oxfam has said coping
with the damages of global warming will cost $50 billion
a year, and the rich nations who caused most of the pollution
must pay most of the bill.
said the United States must foot 44 percent of the annual
$50 billion bill. The US however, is rejecting attempts
by German G8 presidency Germany to set stiff targets and
timetables for cutting carbon gas emissions and raising
researcher Kate Raworth said G8 countries faced two obligations
as they prepare for this year''s summit in Germany - to
stop harming by cutting their emissions to keep global
warming below two degrees Celsius and to start helping
poor countries to cope.
countries cannot and should not be expected to foot the
bill for the impact of rich countries'' emissions she added.
say average temperatures will rise by between 1.8 and
4.0 degrees Celsius this century due to carbon emissions
from burning fossil fuels for power and transport, causing
floods and famine and putting millions of lives at risk.
United States is the world''s biggest producer of carbon
emissions. However, China is expected to overtake it within
a year as it builds a coal-fired power station every four
days to feed demand.