The recent Global Climate Submit ended Dec 11th. Doha being the 18th global climate summit suggests that the chance for “early” action has already been missed. The failure has been due to each side in the rich poor divide has wanted the other to act! The World Bank commissioned the report, prepared by the Potsdam Institute for Climate Impact Research and Climate Analytics, to better understand the potential impact on development of a 4 degree warmer world. Most scientists agree that the world is leading to a 4 degree rise in temperature by the end of the century if no action is taken.

The report from World Bank paints a grim scenario –  inundation of coastal cities (think New York); risks for food production that could lead to more malnutrition; unprecedented heat waves; severe droughts and floods; more high-intensity tropical cyclones; and irreversible loss of biodiversity. While all nations will be affected, the distribution of impacts is likely to be tilted against poor countries and poor people. Both rich and poor countries are eager to break the deadlock, but an alternate approach as been missing until now.

Greenprint approach is a new way of bringing the rich and the poor on a equal participation level. Rich countries would agree to price carbon — through carbon pollution taxes or cap-and-trade — highly enough to spark a technology revolution in cheap renewable energy. In exchange, the cash-rich emerging powers would agree to end fossil fuel subsidies. These subsidies are estimated to be more than $700 billion annually.  They will enrich a global clean tech fund.

Carbon tax is also bringing two other parties together. An early November meeting on carbon taxes hosted by the conservative American Enterprise Institutedrew more than 200 people from across the political spectrum . The attendees participated in day-long discussions, covering the macroeconomic effects and distributional impacts of carbon pollution taxes. Carbon tax is an unconventional tax. No one would be blamed for raising taxes while carbon tax becomes a sigh of relief for the fiscal cliff problem.

This is amazing how some solution always appears with an ability to bring together parties which could not see eye to eye, globally, nationally!

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