A development deal at the prospective climate conference in Copenhagen is very important for global energy security, according to a top official of the United Nations Development Programme (UNDP).
U.N. Assistant Secretary-General and UNDP Regional Director for Asia and the Pacific, Ajay Chhibber, has said that the massive increase in fuel prices from 2006 and the huge follow-on increase in food prices “are very heavily interlinked” with the more recent financial crisis.
The current recovery from the financial crisis “may [indeed] be temporary,” providing “an opportunity to re-direct growth in Asia towards more equitable and sustainable trajectories.”
Outlining a UNDP report on “the global financial crisis and the Asia-Pacific region” and addressing the press thereafter, Mr. Chhibber said: “The way out of the fuel crisis is low-carbon economy … Certainly China’s intentions are very much in that direction. India is also in that direction … But there has to be a huge contribution from the developed world as well. Now, the very specific quantitative targets announced by both China and India — on how much they will reduce their energy intensity — become very important. … A development deal at Copenhagen, in which money is made available and also technology is made available to the developing countries, is also very important.”
Noting that “there is a market now for new low-carbon technology,” Mr. Chhibber said: “Whoever captures that market really has the future. And, many developing countries are also seeing that you must also be in the technology business for that future.”
High food prices were triggered by “a huge neglect, around the world, in investments in agriculture.” The international financial institutions and China as also India were conspicuous in this phase of neglect. “This is being reversed now in both these countries in a very big way. But, the other aspect is that you can link the increase in food prices, certainly wheat and corn prices, very much to the bio-fuels sector.”
The UNDP report — prepared by Mr. Chhibber, Jayati Ghosh and Thangavel Palanivel — was released by the Association of South East Asian Nations (Asean) Deputy Secretary-General, S. Pushpanathan. The Singapore-based Institute of Southeast Asian Studies (ISEAS) Director, K. Kesavapany, emphasised upon the need for a balanced and sustainable recovery.
