Carbon emissions could prove very costly to India, China, and Asian and South East Asian Nations (ASEAN), according to a report released at APEC in Sydney.
US-based NGO World Growth put forward the report Building a Pro-Development Global Strategy on Climate Change to examine why Kyoto has been unsuccessful and to set principles for a global approach. report on climate change released by the British Government last
The report critiqued the Stern Report, an internationally recognised year.
According to the Stern Report, global emissions could be significantly reduced at a cost of no more than 1 per cent of world GDP.
World Growth chair Alan Oxley said this would equate to a 15 per cent cut into China's GDP, 13 per cent for India, and 12 per cent for other ASEAN economies.
"The strategy for tackling climate change has to enable these countries to continue to build growth and reduce poverty," he said.
China, India, Australia, Korea and Japan generate 55 per cent of the world's greenhouse gas emissions. By 2030 China is expected to be the world's biggest emitter of greenhouse gases.
Mr Oxley said if China replaced its power generating systems with ones similar to those in Japan it could halve its greenhouse gas emissions.
India, China and the United States are party to the UN Framework Convention on Climate Change, and the Kyoto Protocol is a protocol of the convention.
The convention does not set mandatory targets for reducing emissions, but it does mean the parties should take action to mitigate and adapt to climate change, Mr Oxley said.
He believes it will take another two to four years before the international community will agree on a post-Kyoto arrangement.
APEC leaders announced the Sydney Declaration on Climate Change this week - which allows the production of nuclear energy, but safe guards are needed to ensure the uranium is not used in weapon manufacture.
Russia's Nuclear Programme
Nuclear energy became a talking point at APEC after Russian President Vladimir Putin signed an agreement with Australian Prime Minister John Howard to buy $1 billion a year worth of uranium from Australian mining companies.
Mr Putin said the uranium will only be used to produce energy and will not be sold on.
"If we have a need to sell uranium to other countries, our resources, our own resources are sufficient," he said.
Russia sells 30 tonnes of uranium a year to the US and built 30 nuclear power plants during the Soviet era. Mr Putin hopes to double that number in the next 15-20 years.
He said Russia and Australia also plan to work together to develop methane and hydrogen technologies.
Australia's Uranium Reserves
Australian Nuclear Science and Technology Organisation chairman Ziggy Switkowski said Australia's uranium exports were important in reducing global greenhouse emissions.
Australia holds 38 percent of the world's uranium, and although Australia does not use nuclear energy, its scientists have been developing nuclear energy technology.
U.S. $12 Billion Technology
US President George Bush believes technology will play a key role in reducing global emissions. The U.S. Government has invested $12 billion in energy technology research.
"We take climate change very seriously in America," he said.
Canada Sets Carbon Trend
Canada has set mandatory emission reduction targets for industries that produce greenhouse gases and air pollution.
Canadian Prime Minister Stephen Harper said most Governments, including Canada's Government, have paid lip service to reducing emissions for a decade because they did not want to tell the public how expensive it would be.
"We need to take action. We owe it to future generations, just as we owe them a strong and secure economic future."
Canadian companies will be required to reduce greenhouse gas emissions 18 percent per unit of production over the next three years.
Each year after that, industry will have to achieve a further two percent improvement in emission intensity.
Mr Harper expects Canada's greenhouse gas emissions to fall by 2010.
"Our plan will reduce Canada's total emissions, relative to 2006 levels, 20 percent by 2020 and 60-70 percent by 2050."
China's Fragile Environment
Chinese scientists believe that climate change is causing warming in China, according to a report released by China's National Reform and Development Commission in June.
China National Offshore Oil Corporation chairman and chief executive officer Fu Chengyu told reporters at the APEC business summit that China has a greater need than ever for clean energy.
"Especially when you look at the environmental impacts there, it is the Chinese people who are being hurt, not anybody else…"
He said his company was interested in getting more clean-burning natural gas from Australia to help battle China's pollution problem.
Last year New Zealand's Prime Minister Helen Clark urged for climate change be added to this year's APEC agenda for the first time.
A survey completed by the APEC economies at the 2006 summit in Hanoi found that 84 per cent rated energy security as the greatest concern in the region, followed closely by access to clean water at 78 per cent.
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