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The bills in Congress would commit the U.S. to reduce emissions of carbon and other greenhouse gases by 17 to 20 percent from 2005 levels. A U.N. panel of scientists have said industrial countries need to reduce emissions 25 to 40 percent below 1990 levels by 2020 to keep the Earth from dangerously overheating. So far, a calculation of pledges
-- including a presumed U.S. commitment -- would mean a reduction of 15 percent or less. "There is room for improvement -- and there has to be," de Boer said. And the question of money to pay for all this is never far away. Thirty of the draft agreement's 180 pages deal with financing. The European Union on Friday called for euro5 billion to euro7 billion ($7.5 billion to $10.3 billion) in climate change aid to poorer nations over the next three years, scaling up to euro100 billion, or nearly $150 billion a year, by 2020. De Boer called the EU pledge a good step but said it lacked specifics. "I don't think the EU put enough on the table," he said. Under the EU plan, as much as half the money should come from governments, while the other half should derive from private investments and from the carbon market in the industrial countries. Europe has had carbon trading since 2005, and the U.S. Congress is considering a similar cap-and-trade scheme. Still, the EU did not say how much it would contribute to the climate fund, saying only it would pay its "fair share." It called on all countries except the poorest to throw money into the climate change aid pot.
[Associated
Press;
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