Morgan Stanley
India | Thursday, 21 August 2008
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Bali breakthrough launches climate talks

By David Fogarty
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Posted 15 December 2007 @ 07:21 pm GMT

Executive Secretary of the United Nations Framework on Climate Change Conference (UNFCCC) Yvo de Boer shakes hand with President of the 13th session of the Conference of the Parties, Rachmat Witoelar (C) at the U.N. Climate Change Conference in Nusa Dua,
Executive Secretary of the United Nations Framework on Climate Change Conference (UNFCCC) Yvo de Boer shakes hand with President of the 13th session of the Conference of the Parties, Rachmat Witoelar (C) at the U.N. Climate Change Conference in Nusa ...
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carbon change climate emission gas global greenhouse kyoto protocol warming

Scientists say rising temperatures could cause seas to rise sharply, glaciers to melt, storms and droughts to become more intense and mass migration of climate refugees.

"U.S. HUMBLED"

"The U.S. has been humbled by the overwhelming message by developing countries that they are ready to be engaged with the problem, and it's been humiliated by the world community. I've never seen such a flip-flop in an environmental treaty context ever," said Bill Hare of Greenpeace.

The European Union, which dropped earlier objections to the draft text, was pleased with the deal.

"It was exactly what we wanted. We are indeed very pleased," said Humberto Rosa, head of the European Union delegation.

German Environment Minister Sigmar Gabriel was cautiously optimistic.

"Bali has laid the foundations ...it was hard work and exhausting. But the real work starts now," he said in Bali.

But a leading Indian environmentalist was disappointed.

"At the end of the day, we got an extremely weak agreement," said Sunita Narain, head of the Centre for Science and the Environment in New Delhi. "It's obvious the U.S. is not learning to be alive to world opinion."

Agreement by 2009 would give governments time to ratify the pact and give certainty to markets and investors wanting to switch to cleaner energy technologies, such as wind turbines and solar panels.

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