Business Report 10 December 2012.
The international effort to curb global warming inched forward with an agreement that extends pollution limits under the Kyoto Protocol and calls for work on a mechanism that would pay aid for climate-related disasters.
The deal, endorsed by ministers from more than 190 nations in Doha yesterday, restrains fossil fuel emissions from the EU to Australia. It also for the first time suggests a channel for richer countries to compensate poorer ones for “loss and damage” from rising sea levels and drought.
The biggest accomplishment of the annual UN conference was to streamline the discussions, paving the way for a global treaty by 2015 that would cut greenhouse gases from 2020. Both diplomats who negotiated the pact and environmental groups expressed frustration it would not have an immediate impact on the atmosphere…