Rio emissions treaty targets under question

Under current trends, signatories to the 1992 Rio de Janeiro global climate change treaty will not be able to meet a target of cutting fossil fuel emissions to 1990 levels by 2000. So says the World Energy Council, London, which notes that global carbon dioxide emissions from burning fossil fuels rose 12% in 1990-95, excluding the former Soviet Union and Central and East Europe. Meantime, insurance companies are increasingly concerned that climatic change is leading to a rise in claims due to

July 29, 1996

2 min read

Under current trends, signatories to the 1992 Rio de Janeiro global climate change treaty will not be able to meet a target of cutting fossil fuel emissions to 1990 levels by 2000.

So says the World Energy Council, London, which notes that global carbon dioxide emissions from burning fossil fuels rose 12% in 1990-95, excluding the former Soviet Union and Central and East Europe.

Meantime, insurance companies are increasingly concerned that climatic change is leading to a rise in claims due to severe weather and have called for tougher international curbs on emissions of greenhouse gases.

WEC concerns

WEC expects population growth and continuing industrialization in developing countries to push global CO2 emissions higher for several decades.

"For the foreseeable future, the industrializing developing countries are likely to account for the largest increases in CO₂and a rising share of global CO₂ emissions. By 2020 we expect developing countries to account for 50% of global CO₂ emissions."

WEC urged a Geneva meeting of parties to the Rio convention not to consider setting tougher targets for a limited number of countries beyond 2000.

Setting tougher targets "is unrealistic and inappropriate at this juncture, in light of the likely failure to meet targets for 2000. Longer term targets, with more readily achievable and binding benchmarks, would have greater credibility. The more short-term targets are missed, the greater the difficulty of establishing and holding to long-term targets."

Insurance industry concerns

Government ministers attending the Geneva meeting were told insurers are losing increasing sums of money as a result of extreme weather.

Britain's insurance companies face payouts of 500 million ($750 million)/year after a series of droughts that caused extensive damage to house foundations.

Though unpredictable weather is making it more difficult for insurers to work out premiums, ministers were told of some advantages of global warming: "There is expected to be a decrease in claims relating to frost damage."