I wonder sometimes if talking about global warming and climate change has become fashionable these days with governments of all stripes and color talking of their "commitments" to reduce emission of greenhouse gases with hardly anyone walking the talk. At the Copenhagen Summit aimed at setting a definitive agenda, the effort was a failure of sort with only meetings, statements and disputes coming out of one of world's biggest gatherings of world leaders. 

The developed countries such as the US, which is the biggest contributor of greenhouse gases, have been shying away from taking any concrete steps to reduce their contributions to global warning. On the contrary, they are blaming developing countries such as China and India to reduce their emissions, although they are far behind on the economic growth parameters.

Green Fund

To get over their guilt of contributing to global warming, the developed counties have been using carbon trading as an easy way to fund developing countries for implementing projects that reduce carbon emissions. With little hope from developed countries in sight, the International Monitory Fund (IMF) is considering setting up a $100 billion green fund which is being pegged as the "new growth model which will be low carbon." 

Although the details regarding the usage of the fund are yet to be known, it is believed that the fund would be used to help developing countries with technologies that would reduce carbon emissions. The big question, however, is that why should the developing countries be asked to reduce emissions when they have a long way to go before they are able to attain economic growth that guarantees good quality of life to its citizens? On the contrary, the fund should be used to help developed countries reduce emissions so that those in the developing world and some of the poorest counties stay safe from the ill-effects of global warming. Hope the IMF would deal with the cause and not the symptoms.