Tuesday, November 1, 2011

Climate deal not likely this year: Environment Minister



t is unlikely that the world will come to a legally binding agreement on climate change at the upcoming United Nations climate summit due in Durban, South Africa, at the end of this month, said Minister for Environment and Water Resources Vivian Balakrishnan.

'There isn't the political will or financial resources to make such a deal (at this stage),' he told the opening ceremony of the Clean Energy Expo Asia on Tuesday.

Still, it is important that government and companies that make multi-billion decisions in energy investments to understand that their decisions will have long-term implications, he added.

Policymakers, in particular, need to have rational policies in place for the long term such that countries are well prepared for a future that will see diminishing energy resources even as demand for energy spikes on the back of the world population hitting 7 billion.

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