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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Climate change fallout may cost annual $50 billion By GEIR MOULSON,Associated Press Writer AP - 54 minutes ago POZNAN, Poland - Developing countries will need at least $50 billion per year to deal with the consequences of climate change, money that could be raised by auctioning off some rights to emit greenhouse gases, an aid group said Tuesday. Agreeing how to help poor nations adapt to conditions such as decreasing rainfall and harsher storms is a key challenge as negotiators from some 190 countries begin to thrash out details of a new climate change treaty to take effect in 2013. "Vulnerable people around the world need help to build up their resilience, by upgrading flood early warning systems, planting mangrove shields along coasts to defuse storm waves and growing drought-tolerant crops," said Heather Coleman, a climate change expert for Oxfam International. That will require at least $50 billion annually, and more if countries fail to agree on measures to prevent average temperatures from rising more than 3.6 degrees Fahrenheit (2 degrees Celsius) above preindustrial levels, the group said. It said the money could be raised by auctioning 7.5 percent of industrialized countries' rights to emit polluting gases under a new climate treaty to governments or private companies, money that would go to a fund under U.N. auspices. Coleman argued that auctioning emission allowances in the aviation and shipping industries could produce an additional $28 billion annually. Norwegian Finance Ministry official Leif Ervik said his country has advocated auctioning "a few percent" of emissions rights, and said that "we have found a lot of support for this." Bangladeshi delegate Mohammas Reazuddin, whose densely populated country faces the threat of increasingly frequent flooding, voiced support for getting money from the proposals and underlined the urgency of the issue. "We in Bangladesh and many other countries, every day, every hour, we are adapting to the situation," he said. "We are spending ... (but) we have not caused that problem." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Climate Change Climate change fallout may cost annual $50 billionAP - 54 minutes ago Ex-bad boy China praised at climate talksAP - 1 hour 18 minutes ago China says it's serious about climate change talksAP - Tuesday, December 2 Brazil describes new plan to slow deforestationAP - Tuesday, December 2 Related Articles: World Zimbabwe crisis deepens as cholera toll nears 500AFP - 17 minutes ago Mormon-owned press releasing Joseph Smith journalsAP - 23 minutes ago Panel: Bio attack likely in next 5 yearsAP - 24 minutes ago Somali prime minister seeks international helpAP - 35 minutes ago Medvedev calls for transparency in Russian courtsAP - 54 minutes ago Related Full Coverage climate change climate change All Full Coverage Most Popular – World Viewed Wall Street plunges as recession becomes reality World AIDS Day highlights big challenges 20 years on Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' World's oldest person dies at 115 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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