OPEC Members Split With Developing Nations on UN Carbon Cuts

[Coventina]

Source: Bloomberg

April 7 (Bloomberg) -- Members of the Organization of Petroleum Exporting Countries have split with developing nations over more stringent cuts in the burning of fossil fuels, fearing their economies will suffer from shrinking demand for oil.

Most developing countries are calling for wealthier nations to reduce carbon-dioxide emissions 40 percent to 45 percent by 2020 at climate talks in Bonn, Chinese negotiator Su Wei said. Oil producers are concerned the cuts will shrink energy exports.

“Whatever policies will be adopted will add to the uncertainties for the demand for oil,” said Mohammad Al Sabban, an adviser to Saudi Arabia’s Ministry for Petroleum and Mineral Resources, in an interview. “We share the concern for climate change but at the same time we don’t want to be a victim.”

The world’s nations are negotiating a UN climate-change treaty to cut fossil-fuel emissions and slow global warming by improving the energy efficiency of vehicles and buildings, installing solar panels and adding wind farms. United Nations scientists say developed countries need emissions cuts of 25 percent to 40 percent by 2020 to avert the worst effects of climate change. Now developing countries want more.



Read more: http://www.bloomberg.com/apps/news?pid=20601082&sid=a1qZHe2MHhgM&refer=canada

[jwirr]

1. In the end I don't think the oil countries will have a choice - we are

all the victims of global warming and the climate change that goes with it. They don't have to worry - the world will not change so much that they will not sell all of their oil until it is depleted. Human nature doesn't work that fast.

[Wizard777]

2. The fact that they don't have an equal opportunity for Nuclear Energy can only complicate the issue.