World Bank report urges rich nations to make deep cuts in emissions

The World Bank has called on the rich nations to make immediate and deep cuts in greenhouse gas emissions to avert the steeply rising cost of climate change from disproportionately taxing the poor countries.

In a major report on the threat that climate change posed, the Bank's ''World Development Report'' said developing countries will have to bear 75 to 80 per cent of the costs of damage caused by climate change and the rich countries that have been the biggest CO2 emitters in the past have a 'moral' obligation to pay to facilitate adoption of measures by poor nations.

The "World Development Report 2010" goes on to say that tackling climate change in developing countries does not mean that other priorities like poverty-fighting and economic growth be neglected but stressed that funding and technical support from rich countries would be important.

The report comes ahead of the Copenhagen meeting which is expected to see some tough global negotiations to put in place a global accord to combat climate change. The agreement at Copenhagen will come into effect when the current Kyoto Protocol expires in 2012.

Unlike in the Kyoto talks which saw frictions between Europe and the US, current talks will probably see sharp divisions between the rich and developing nations.

According to World Bank president Robert Zoellick, the countries of the world would need to act immediately collectively and individually on climate change.