German Environment Minister, Sigmar Gabriel said that part of the revenue generated from the sale of carbon credits to industries in Germany, around 120m euros per year, will be invested in the fight against global warming in developing nations, according to an article in Reuters.

” “If we don’t make funds for adaptation and technology available, the developing countries will not be ready to join in” to fight climate change, Gabriel said.

…

From 2008 Germany will sell a larger portion of those permits to industry, rather than giving them away.

Gabriel said Germany would use more than a quarter of the proceeds the government gets from that auctioning to help developing countries with climate change adaptation.”

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This entry was posted on October 30th, 2007 at 23:40 (GMT) and is filed under Developing World . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.