By Max Clarke
Blue Sphere Corp., a company in the Cleantech sector as an Emission Reduction project integrator, sees the successful outcome of the Cancun conference as a boon to the industry. The delegates at the conference agreed to a framework for cutting greenhouse gas emissions and have established a new fund to help developing nations combat global warming.
While the agreements are small in scope, they mark a breakthrough in co-operation among the 193 signatories, who last year made little headway at another UN climate-change summit at Copenhagen.
The Cancun Agreements establish the Green Climate Fund, a framework for providing billions of dollars in funding and technology to poor nations to stave off the threats posed by climate change. The fund will manage the annual $100 billion pledged to developing countries at the Copenhagen summit, money that is to be handed out beginning in 2020.
The agreements also call for further efforts to cut greenhouse gas emissions, but contain no new hard targets for industrialized nations to meet. The deals "recognized" targets recommended by scientists that call for industrialized countries to reduce greenhouse gas emissions by 25 to 40 per cent of 1990 levels by 2020. Current agreements call for 16 per cent reductions.
The Climate Change Business Journal estimates the global climate change industry in 2010 to reach $380 billion in the U.S. and $960 billion worldwide by 2012. 2
“The success of the Cancun Conference will have a huge impact on our industry and potentially positive growth for Blue Sphere’s business. The Green Climate Fund will enable countries with some of the highest emissions to work on plans to reduce those emissions. Blue Sphere has signed agreements with a number of high emission countries already and we look forward to implementing our project expertise with countries that need emission reduction the most.” said Shlomi Palas, CEO of Blue Sphere Corp.