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Planning minister Trevor Manuel<\/p>\n
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Yusuf Omar <\/p>\n
yusuf.omar@inl.co.za<\/em><\/strong> <\/p>\n<\/p>\n PLANNING minister Trevor Manuel outlined how finances could be raised for the ambitious $100 billion (R810.05bn) Green Climate Fund, in an exclusive interview with The Mercury this week. <\/p>\n The fund was conceived in Copenhagen and born in Cancun. <\/p>\n \u201cThere is no going back on it,\u201d said Manuel, who is the co-chairman of the Green Climate Fund transitional committee. <\/p>\n It is hoped that, along with keeping the Kyoto protocol alive, one of the major success stories of COP17 in Durban will be sourcing money for the fund <\/p>\n The fund is aimed at helping the developing world deal with mitigating the effects of and adapting to climate change. Industrialised nations promised that the fund would have $100bn a year by 2020. <\/p>\n But now countries are reluctant to deposit the money into the communal account. Anti-capitalist Latin American countries like Bolivia are rejecting the idea of the World Bank administering the money. The EU is struggling with a financial crisis. And America and Saudi Arabia are dragging their feet and looking for loopholes in the agreement. <\/p>\n \u201cFirstly, a price on carbon is fundamentally important. That shouldn\u2019t be too difficult to calculate,\u201d said the former finance minister. SA would then be able to sell carbon credits to other countries which emitted pollution beyond their quotas. <\/p>\n \u201cThen we must look at taxing the bunkers (maritime and aviation industries). And, of course, private sector funding is necessary,\u201d said Manuel. <\/p>\n Referring to Geoff Lamb\u2019s Bill Gates Foundation report, delivered at the G20 in Cannes, Manuel said: \u201cIf you look at the world\u2019s financial transactions, and we attach a 0.1 percent tax on equities and a 0.2 percent tax on bonds traded, the world can raise between $100bn and $250bn per annum.\u201d <\/p>\n French President Nicolas Sarkozy has also publicly supported this notion. \u201cThen we wouldn\u2019t need any of those other things \u2013 just that,\u201d said Manuel. <\/p>\n He outlined some of the challenges of raising funds for a global fund. \u201cThe problem with climate change is that it is a global issue, so we need global solutions. We are talking about a spirit of multilateralism, where taxes are imposed in one country and allocated in another,\u201d he said. <\/p>\n Manuel blamed companies for the sad state of climate affairs. \u201cThe existence of greenhouse gases are a market failure of monumental proportions.\u201d <\/p>\n Cosatu\u2019s Zwelinzima Vavi said: \u201cAny success of Durban\u2019s COP17 will be judged on how we deal with the Green Climate Fund. <\/p>\n \u201cWe cannot afford to fiddle while Rome is burning before our eyes. We can\u2019t take the ostrich approach\u2026 We are not looking to launch a shell (empty fund) on Monday,\u201d he said. <\/p>\n","protected":false},"excerpt":{"rendered":" Planning minister Trevor Manuel Yusuf Omar yusuf.omar@inl.co.za PLANNING minister Trevor Manuel outlined how finances could be raised for the ambitious $100 billion (R810.05bn) Green Climate Fund, in an exclusive interview with The Mercury this week. The fund was conceived in Copenhagen and born in Cancun. \u201cThere is no going back on it,\u201d said Manuel, who […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[8275,953,2143],"class_list":{"0":"post-5993","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-durban","8":"tag-newspaper","9":"tag-the-mercury","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/5993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=5993"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/5993\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=5993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=5993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=5993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}