Bailouts for banks but the world gets nothing

Feature Story - 2009-02-23
If the world was a bank then it would have been saved by now. For the price of a €1.30 (about 11 renminbi) bus ticket per EU citizen per week from now until 2020, the European Union could fund a Green New Deal and save the climate.

Greenpeace activists protest in front of the Chancellor's Office in Berlin calling for EU leadership in backing a green new deal.

China must be a key player in the global fight against climate change, but that doesn't mean the EU is off the hook. This union of largely developed countries must take action to reduce its emissions and help developing countries reduce their greenhouse pollution.

Berlin protest

On the weekend, Greenpeace held a protest in the crisp snow in front of the Chancellor's office in Berlin urging for EU backing of a Green New Deal.

"If the world was be a bank, you would have saved it long ago!" read their banner.

We want the EU to pledge about €35 billion a year out of a total €110 billion to help developing economies - many of which are major greenhouse gas polluters - to cut emissions and to protect  forests which help reduce climate change.

The rest of the €110 billion should come from other rich countries.

Some of this money can come from charging polluting industries for their carbon emissions.

The plan

•  €30 billion a year to stop deforestation through a 'forests for climate' protection fund.

•   €40 billion a year to shift developing countries onto a low emissions pathway.

•   €40 billion a year to help the most vulnerable adapt to climate change

This may seem like a lot of money, but put in perspective amounts to about €1.30 a week per European citizen, the price of a bus ticket.