World leaders push for global investment in green energy

Paris: The world leaders at the UN Climate Change Conference on Monday pushed for investment in green energy on a global level and to secure a common agreement among the nations to tackle climate change.

Condemning the November 13 Paris terror attacks, the leaders said the presence of global leaders in Paris showed that terrorism cannot hold back their commitment to climate change.

Addressing the 21st edition of the Conference of the Parties (CoP), US President Barack Obama said the global leaders were in Paris to "secure an agreement that can show businesses and investors that global economy is on a firm path towards low-carbon future".

Obama said the world leaders must "reaffirm" their commitment to joint effort for public and private investment for green energy globally".

"Here in Paris, we can show the world what is possible when we come together," he said in his address.

The US will reduce its carbon emissions 26-28 percent below 2005 levels within 10 years, Obama said.

Chinese President Xi Jinping echoed similar views that the "countries must be encouraged towards sustainable development, and climate friendly technologies must be transferred among nations" to reduce green house gases.

The developed countries must commit to their promise of jointly generating $100 billion each year by 2020, to help developing countries, the Chinese president added.

Russian President Vladimir Putin hoped that the conference on climate change "will help replace the Kyoto Protocol (an international treaty to reduce green house gases)".

He said the Russian example, where they managed to lower the global warming gases, and have a Gross Domestic Product (GDP) growth of 2 percent, showed that "it is possible to have both economic growth and tackle climate change".

German Chancellor Angela Merkel said there was a need for "profound transparency" in which the world does business, adding that technologically advanced nations must take the lead to share environment-friendly mechanisms with developing nations as well.

Nearly 150 global leaders have gathered here for this crucial UN climate meet that will continue till December 11, where a possible new global agreement on climate change, reducing would be discussed.