December 04, 2008

GCC pledge USD 750 million for climate change fund

Gulf Times reported that Qatar and other Gulf OPEC members have pledged a total of USD 750 million to a new fund to tackle global warming through financing research for a clean environment.

Mr Saud al Faisal foreign minister of Saudi Arabia said that Qatar, Kuwait and the United Arab Emirates pledged USD 150mn each for the fund. He added that Saudi Arabia would invest USD 300 million in the fund which is set to focus on finding technological solutions to the climate change problem.

According to the final summit statement “OPEC leaders will insist on the importance of technology to enable the use of clean oil, notably carbon capture and storage, to help fight global warming.”

During a recent summit, the leaders stressed the importance of cleaner and more efficient petroleum technologies for the protection of the local, regional and global environment and the importance of expediting the development of technologies that address climate change, such as carbon capture and storage. They also reaffirmed the core principle of common but differentiated responsibilities and respective capabilities, in addressing climate change policies and measures, including the implementation of UN Frame Work Convention on Climate Change and Kyoto protocol.