Compensation please – we’ve far too much oil

Posted in: Comment, News and Updates

Saudi Arabia is one of two countries that have declined to endorse a report on the Green Climate Fund, one of the few ideas, you'll recall, that was spawned in 2009 in the UN meeting that became known as Nopenhagen.  It was then agreed at Cancún, last year, when a transitional committee was set up to sort issues out and report at Durban – next week.

The FT reports that the Sauds wanted more in the report about 'response measures'.  This is code for compensation for oil producing countries for loss of income because climate change policy measures will reduce their income.  Words (almost) fail me.  The other non-signature is the USA, although for different, and perhaps better, reasons – though that’s a personal view.

Posted in: Comment, News and Updates


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