US$1 TRILLION INVESTMENT NEEDED YEARLY

       The global energy system needs investment of at least US$1 trillion (Bt34 trillion) per year during the coming decades to mitigate and adapt to the impact from climate change, but only half of that is being spent currently, according to the UN's World Economic and Social Survey 2009.
       "Climate change is not just an environment issue, it is also a develฌopment issue," Noeleen Heyzer, undersecretarygeneral of the United Nations and executive secreฌtary of Escap, said yesterday at the launch of the UN's survey focusing on "Promoting Development, Saving the Planet".
       She said the potential destruction to both social and economic infrastructure requires that a more balฌanced approach be taken to development.
       As is the case with economic financial crises, the countries and communities most vulnerable to the impacts of climate change are also those that have contributed the least to the problem, she said.
       "A warmer world will be a much more unequal world," she said.
       Rich countries should make a concerted effort to cut emissions by shifting to renewable sources of energy, improving energy efficiency and developing green technology, she said.
       Developing countries, for their part, can no longer afford to take the "grow first, clean up later approach".
       Many governments have initiatฌed policies to respond to the threat of global warming, such as promotฌing wind, solar and renewable enerฌgy. The survey, however, warned that policies are lagging behind the scientific evidence.
       "The minimum requirement of investment should be at least $1 trillion per year or $20 trillion by 2030," said Tiziana Bonapace, an econoฌmist at the United Nations Economic and Social Commission for Asia and the Pacific.
       She said that so far no governฌment has fully committed to tackling the climate change issue. She warned that the businessasusual approach will not solve the issue, but it needs a big push.
       While the private sector is concerned only about shortterm gains, it would not invest in clean technology, so the government needs to take the lead by intervening heavily then crowd in private investment later, she said.
       The two experts believe that countries could achieve two seemingly conflicting goals - lowering greenhouse gas emissions while raisฌing the standard of living for the poor through sustainable growth and prosperity for all.
       However, it will be daunting for developing countries that lack the necessary finances, technologies and capacities.