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China and US leaders boost climate summit

Insurance giant says climate change could cost billions
Berlin (AFP) Nov 26, 2009 - Natural disasters linked to climate change could cost the insurance industry billions of dollars in extra settlement payments every year, German insurance giant Munich RE said Thursday. The company's statistics show that "globally, the average number of major weather-related catastrophes such as windstorms, floods or droughts is now three times as high as at the beginning of the 1980's." "Losses have risen even more, with average increases of 11 percent per year since 1980," it said. The firm said that although it was unclear to what extent the increased losses were a direct consequence of climate change, preliminary analysis suggested a "low single-digit percentage of annual overall losses."

"The amounts involved are enormous," it said. "Even conservative estimates show that we are talking here about climate change costs already running into billions per year. "The insurance industry is able to adapt but, in the end, each individual has to bear the cost," the firm said. The statement came ahead of UN-sponsored climate change talks starting on December 7 in Copenhagen. The talks are aimed at hammering out a global pact to reduce man-made emissions of greenhouse gases blamed for droughts, heavy flooding and unpredictable weather patterns. Munich RE said it "makes economic sense to lay cornerstones for a new agreement, with ambitious targets, in Copenhagen. "Even now, climate change can no longer be halted, it can only be attenuated. And it is high time this was done."
by Staff Writers
Paris (AFP) Nov 26, 2009
US and Chinese proposals for tackling greenhouse gases were hailed Thursday while confirmation their leaders will attend next month's climate summit boosted hopes for a global-warming accord.

Beijing unveiled its first targets for tackling its emissions and announced that Premier Wen Jiabao would take part in the Copenhagen summit, soon after Washington confirmed that US President Barack Obama would also be there.

China and the United States are the world's top two sources of greenhouse gases and considered critical to any progress at the UN-sponsored talks starting on December 7.

China's cabinet said in a statement the Asian superpower would cut the intensity of carbon dioxide emissions per unit of gross domestic product in 2020 by 40 to 45 percent from 2005 levels.

Obama is to attend the Copenhagen meeting with a long-stated offer to cut US emissions by 17 percent from 2005 levels by 2020.

The White House has said Obama would also lay out a longer-term plan for a 30 percent reduction of US emissions from 2005 levels by 2025, a 42 percent reduction by 2030 and an 83 percent cut by 2050.

The UN's climate chief, Yvo de Boer, welcomed the announcements as a step forward to forging a new global pact on tackling the greenhouse-gas crisis.

"The US commitment to specific, mid-term emission cut targets and China's commitment to specific action on energy efficiency can unlock two of the last doors to a comprehensive agreement," de Boer said in a statement.

He warned, though, that more needed to be done, especially from developed economies.

"Let there be no doubt that we need continued strong ambition and leadership," he said.

"In particular, we still await clarity from industrialised nations on the provision of large-scale finance to developing countries for immediate and long-term climate action."

Obama's top aide on climate policy, Carol Browner, said separately: "The (US) president going to Copenhagen will give positive momentum to the negotiations and we think will enhance the prospects for success."

Leaders from around the world are expected at the conference which will try to agree on a global pact to reduce man-made emissions of greenhouse gases blamed for droughts, heavy flooding and unpredictable weather patterns.

China's announcement marked the first time it put specific numbers on a September pledge by President Hu Jintao to cut carbon intensity by a "notable margin".

Beijing called it "a major contribution to the global effort in tackling climate change." It added that China would face "enormous pressure and special difficulty in controlling greenhouse gas emissions".

Its pledge refers to "carbon intensity" -- emissions per unit of economic activity -- but is not an offer for an absolute cut in carbon dioxide production.

Emissions would continue to grow under China's plan as economic growth is expected to continue.

Washington's 17 percent cut is less than calls by the European Union, Japan and UN scientists but the first numbers put on the table by the world's largest economy.

In contrast, the European Union has vowed to reduce its emissions by 20 percent from 1990 levels before 2020, raising the target to 30 percent in the event of an international agreement.

There was some criticism of the initial US target.

Yang Ailun, Greenpeace China's climate and energy campaign manager, told AFP Washington had missed an opportunity to put "enormous pressure on China" by not announcing a more ambitious target.

In the run-up to Copenhagen, the 53-nation Commonwealth meets on Friday for a summit where climate change will also top the agenda with UN chief Ban Ki-moon expected to lead the charge.

And representatives from eight nations straddling the Amazon basin plus France were to meet Thursday in the heart of the Amazon rainforest to lay out a save-the-jungle proposal for the climate conference.

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Insurance giant says climate change could cost billions
Berlin (AFP) Nov 26, 2009
Natural disasters linked to climate change could cost the insurance industry billions of dollars in extra settlement payments every year, German insurance giant Munich RE said Thursday. The company's statistics show that "globally, the average number of major weather-related catastrophes such as windstorms, floods or droughts is now three times as high as at the beginning of the 1980's." ... read more







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