Pablo Solon News
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Bolivia is pushing for a tax on international financial transactions to help fund $100 billion of climate change aid that developed countries have pledged to provide by 2020.
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Renewed proposals to eliminate the tax-exempt status of municipal bonds as a way to reduce the $1.5 trillion federal deficit are unlikely to succeed, Bank of New York Mellon Corp. said in a report.
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The global carbon market, valued at about $124 billion in 2010, may create a new financial bubble and is a poor way to address the climate crisis, Bolivia’s United Nations ambassador said.
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Japan and Russia reject new targets under the Kyoto Protocol climate treaty, whose current goals expire in 2012, the top United Nations climate diplomat said.
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United Nations talks in China aimed at reaching an agreement to mitigate climate change are making little progress, according to Pablo Solon , the head of Bolivia’s delegation to the meeting.
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Bolivia is objecting to the creation of a United Nations carbon market that would allow richer nations to offset their greenhouse gas emissions by protecting forests in developing countries.
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Vibhav Nuwal was once an enthusiastic supporter of the global carbon market. The 32-year- old Indian-born banker started in September 2009 developing carbon credits to target investors in Europe and Japan for Mumbai-based private-equity fund Managing Emissions. Less than a year later, he quit his job, convinced that the United Nations’ failure to broker a global agreement to reduce greenhouse-gas emissions meant the carbon credit market was effectively dead.
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Envoys at United Nations global warming talks are closing in on an agreement to protect forests, stimulate aid to developing nations and establish a body to advise countries on adapting to higher temperatures.
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U.S. and Bolivian negotiators said climate talks in China are making little progress as issues including financing and carbon-emissions limits bog down envoys.
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Envoys at United Nations climate talks were locked in negotiations during the final day of a two- week conference as 193 nations remained divided about how to curb global warming.
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