African Catholic Agencies Dissatisfied with Copenhagen Accord

Utilities and energy industry financiers are concerned about the uncertainty surrounding U.S. environmental policy. Meanwhile, China and India are discussing formal targets for limiting industrial greenhouse gas emissions.

Mike Richter, a partner at the New York-based private equity firm Environmental Capital Partners, said the accord is weak and by no means gave investors the kind of certainty they sought. "But it has done some things," he said. "It brought China into the fold."

Competition among major polluters to find solutions that are good for their economies is driving the process well beyond outcomes achieved at the U.N. climate conference, Richter said.

"People understand the writing's on the wall," he said. "The opportunity to make incredible amounts of money by developing the next battery or a more efficient solar panel, there's a huge payback," The New York Times reports.

In the meantime, Africa will be among the most affected by the outcome of the just concluded Climate Change Summit talks, according to Catholic aid agencies around the world.

The catholic agencies have expressed sadness and anger at the proposed 'Copenhagen Accord' which they describe as a weak and morally reprehensible deal which will spell disaster for millions of the world's poorest people.

The agencies said that the climate summit's weak outline of a global agreement fell far short of what Britain and many poor countries were seeking saying that the 'Copenhagen Accord' merely 'recognises' the scientific case for keeping temperature rises to no more than 2 degrees Celsius and fails to include commitments to emissions reductions to achieve that goal.

The agencies squarely blame the developed countries adding that scientific evidence and economic analysis clearly sets out what is required from industrialised nations in terms of emissions reductions and support for developing countries, and they failed to produce the goods, reports.

In the meantime, Environment Minister Jairam Ramesh told Parliament Tuesday that a coordinated approach by India, China, Brazil and South Africa enabled them to thwart what he calls "relentless efforts" by rich countries to impose legally binding targets for carbon emission cuts.

Ramesh says India can be satisfied that the four emerging economies - called the BASIC group of countries - got their way on the issue in Copenhagen.

Ramesh expressed confidence that India could not only meet its pledge of cutting carbon emissions by 20 to 25 percent by 2020 over 2005 levels, but could even improve upon it.

He says India will continue to adopt a constructive approach to the issue of climate change.

India is among the countries which could be adversely impacted by rising global temperatures. But, like other developing countries, it is wary that cutting carbon emissions will hamper it growing economy and insists that rich countries should bear the brunt of reducing greenhouse gases, Voice of America reports.

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