UAE ratifies protocol to curb gas emission
Posted: 12 January 2005
The UAE has become among few Arab countries to endorse the United Nations-sponsored Kyoto Protocol and press reports spoke of huge financial loss in the long term.
UAE President H.H Sheikh Khalifa bin Zayed Al Nahyan issued a federal decree on January 8 ratifying the 1997 convention which set international targets for the reduction of greenhouse gases blamed for global warming. Under the protocol, signed in the historical Japanese town of Kyoto, most industrial countries are committed to lowering their collective greenhouse gases five percent brlow1990 levels by 2012.
Local press reports, citing UAE oil industry sources, said the ratification of that Protocol could cost the UAE at least $40 billion in lost revenue until 2030.
Kuwait , another major oil producer and an OPEC member, also endorsed Kyoto convention and industry sources spoke of similar financial losses.
Posted by Editor Pipeline Magazine
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