- AAP
- April 01, 2010
Parliamentary secretary for international development assistance Bob McMullan told the advisory group on climate-change financing in London, convened by United Nations general secretary Ban Ki-moon, that carbon markets could provide the right economic incentives to cut forest carbon emissions.
The talks, hosted by British Prime Minister Gordon Brown, were ordered as a follow-up to the Copenhagen climate change summit last December so finance ministers could consider ways to raise $US100 billion ($108.8 billion) needed to tackle carbon emissions.
As well as the use of carbon markets, the meeting discussed introducing new taxes on international flights and shipping as well as a so-called Robin Hood levy on all financial transactions to help raise the money.
"What Australia has traditionally said, and I said again today, was we think there's no way to get $US100 billion without looking at carbon markets," Mr McMullan said.Mr McMullan said the meeting agreed to have the different options evaluated so delegates could recommend the best way forward at another summit later this year.
"Internationally, there will need to be some sort of mobilising of private investment in developing countries to deliver these emission reductions without affecting their climb out of poverty.
"It's a tricky task."
The group of 19 financial leaders involved in the talks today have been asked by UN secretary general to report back to him by the time fresh climate talks take place in Mexico in November.
Those at the London talks included billionaire financier George Soros and US President Barack Obama's economic adviser Larry Summers.
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