Global economic crises doom Durban | business | Hindustan Times
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Global economic crises doom Durban

business Updated: Dec 08, 2011 23:51 IST
Chetan Chauhan
Chetan Chauhan
Hindustan Times
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The western economic crises is starting to show its impact on Durban climate conference of 195 nations with the European Union and United States seeking delay a climate treaty to 2015-2020 period and the least developed and island countries seeking quick action.

European countries such as Greece, Italy, Spain and Portugal are facing finance flow problems and there is a fear of rating agency Standard and Poor (S&P) downdrawing the Euro Zone rating. "S&P said on Monday it may downgrade nearly all 17 euro-zone countries if EU leaders fail to agree on a solution for the region's debt crisis during Friday's summit," said an agency report.

The agency had on August 6 had downgraded rating of United States after the US senate cleared debt funds at the last moment.

US and Europe are on a common ground on delaying a climate treaty for time being. "It is not a ripe moment for such a deal," said US chief climate negotiator Todd Stern. European climate commissioner Connie Hedegaard said the new climate treaty should be closed by 2015.

Many smaller and climate vulnerable nations wants the rich nations to abide by is promise to provide a fast track finance of US $30 billion and long-term finance of US $100 bn and have stonewalled negotiations.