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EDITORIAL
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EDITORRichardMorrow
Can China and India save the world?
ONLINEEDITORLeighPowell
As Asiamoney was going to press the global climate summit was in full swing in
SENIORREPORTERSPamelaTang,AaronPan
POLLSEDITORBerniceLam
Copenhagen. And the prognosis was not pretty.
Correspondents
It was always going to be a big task to get 193 nations to sign up to an environmental AUSTRALIALachlanColquhoun;INDIAElliotWilson;
agreement when so many of these countries have diametrically opposed priorities.
INDONESIALisaMurray;JAPANPeterMcGill;
KOREAParkSang-soo;PAKISTANFarhanBokhari;
Still, stranger things have happened. The world’s nations did once successfully collude
PHILIPPINESIanGill;SINGAPOREChrisWright;
to create Kyoto Protocol, which is set to expire in 2012, after all.
TAIWANDominicJones;THAILANDMarkB.Johnson,BenDavies
As it stands the nations attending the meeting are deliberating whether to merely
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extend the Kyoto Protocol or to create a new, more ambitious Long Term Cooperative
Action (LTCA) deal.
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The key to success could be deciding which of these deals will be followed. To put their
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differences in brief: extending the Kyoto Protocol is favoured by emerging market coun-
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tries, championed by China and India. The protocol does not require anything of emerg-
PUBLISHERAndrewCover
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ing nations, and only offers fines to developed nations that don’t meet carbon reduction
ASSOCIATEPUBLISHERSTerryRayner,CynthiaLam
criteria.
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With the US remaining non-committal, the EU is the major proponent of the LTCA.
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Underthat deal, developed countries – including the US – would need to meet definitive EUROPERobertLogan;INDIAYogeshRao;INDONESIASitaDewanto;
carbon emission targets, but major emerging nations such as China and India would also
PAKISTANZahidHussainKhalid;USA&SOUTHAMERICAErnest
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need to offerverifiable commitments to combating theircarbon footprints.
A stand-off overthe two alternatives has been brewing formonths. Countries including
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China, India, Brazil and South Africa are unwilling to implement legally binding carbon-
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constraints without major financial and technological incentives. BUSINESSDEVELOPMENT&SUBSCRIPTIONSMANAGERHenryWong
But the European Union said on December 15 that it would not raise its emissions
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reduction target from 20% of 1990 levels to 30% by 2020 unless India and China offered
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more definitive action in combating carbon pollution. AEuromoneyInstitutionalInvestorPLCcompany
The hope is that China and India will do the right thing and offersome substantive
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commitments. The countries love to state how western nations are responsible for most of
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the world’s carbon because of 100 years of pollution.
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That may be accurate, but it doesn’t mean that the world’s two fastest growing major
©2009EuromoneyInstitutionalInvestor(Jersey)Limited
Directors:TonyShale,RichardEnsor,AnitaRye
economies should be able to duck their own environmental responsibilities. China and
India stand to possess the world’s largest GDPs within the next 50 years, after all.
CEO,EuromoneyInstitutionalInvestor,Asia:TonyShale
Both countries want to be treated as equal partners by the US and the European Union.
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It’s an understandable aim, and their willingness to implement measures to improve bank
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capital commitments as discussed by the Group of 20 leading nations in September
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anyformwithoutthepermissionofthepublisher.Whileeverycareis
demonstrates that they can coordinate with western countries when it suits them. takeninthepreparationofthispublication,noresponsibilitycanbe
But as China and India become ever-larger participants in the world – be it economic,
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social or environmental – they should remember that such respectability comes with
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responsibilities. And preventing environmental catastrophes are high among them.
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RichardMorrow ©2009EuromoneyInstitutionalInvestor(Jersey)Limited
Editor
ISSN:09589309M.C.I.(P)No.192/8/8
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