The annual cost of helping poor countries adapt to changes in weather and convert to “clean energy” will cost much more than the earlier estimates of $70 to $100 billion annually, United Nations officials say.
According to the United Nations Environment Program, those figures are “a significant underestimate.” The actual cost, say officials attending climate talks in Lima, Peru, will be two to three times higher by 2050, possibly reaching $500 billion a year, the Associated Press reports.
Countries have agreed to spend $10 billion this year to fund climate change “adaptation efforts,” with President Barack Obama pledging $3 billion of that total.
The $10 billion is slated to jump to $100 billion a year by 2010, according to Bloomberg’s Energy and Climate Report.
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