Political economy of Bali Climate Conference: a roadmap of climate commercialization
This policy discussion paper critically reviews the UNFCCC climate change negotiations held in Bali in December 2007. It is intended to provide an insight to the readers, especially developing country’s policy makers and negotiators, on the recent dimension of mitigating climate change impacts.
The discussion paper disputes the concept of ‘climate commercialization’ on which the Bali Climate talks eventually hinged, and justifies the urgency of the reduction of green house gases emissions, which it argues should be reflected in the post-Kyoto global policy regime on climate change.
Key points include the following:
- the interests of LDCs, which would be the worst victims of climate change, were grossly ignored by the developed and advanced developing countries in the Bali talks
- the Bali conference failed to instigate any political commitment for quantitative reduction of GhG even within the framework of Kyoto Protocol
- the consequences of delay in the process of reducing emission will result more climatic catastrophes and social imbalances and massive economic collapse in the least developed countries like Bangladesh
- the transition plan for replacing the Kyoto Protocol reflects the power of big business and the global financial institutions to work on its behalf