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United Nations Climate-Change Conference in Cancun Establishes a Green Fund to Cut Global Warming by Cutting Emissions

  //science-technology.news-articles.net/content/2 .. -to-cut-global-warming-by-cutting-emissions.html
  Published in Science and Technology on Tuesday, December 14th 2010 at 5:40 GMT by Market Wire
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LONDON--([ BUSINESS WIRE ])--Blue Sphere Corp. (OTCBB: BLSP) (the "Company" or aBlue Spherea), a company in the Cleantech sector as an Emission Reduction project integrator, sees the successful outcome of the Cancun conference as a boon to the industry. The delegates at the conference agreed to a framework for cutting greenhouse gas emissions and have established a new fund to help developing nations combat global warming. ¹

While the agreements are small in scope, they mark a breakthrough in co-operation among the 193 signatories, who last year made little headway at another UN climate-change summit at Copenhagen.

The Cancun Agreements establish the Green Climate Fund, a framework for providing billions of dollars in funding and technology to poor nations to stave off the threats posed by climate change. The fund will manage the annual $100 billion pledged to developing countries at the Copenhagen summit, money that is to be handed out beginning in 2020.

The agreements also call for further efforts to cut greenhouse gas emissions, but contain no new hard targets for industrialized nations to meet. The deals "recognized" targets recommended by scientists that call for industrialized countries to reduce greenhouse gas emissions by 25 to 40 per cent of 1990 levels by 2020. Current agreements call for 16 per cent reductions.

The Climate Change Business Journal estimates the global climate change industry in 2010 to reach $380 billion in the U.S. and $960 billion worldwide by 2012. ²

aThe success of the Cancun Conference will have a huge impact on our industry and potentially positive growth for Blue Spherea™s business. The Green Climate Fund will enable countries with some of the highest emissions to work on plans to reduce those emissions. Blue Sphere has signed agreements with a number of high emission countries already and we look forward to implementing our project expertise with countries that need emission reduction the most.a said Shlomi Palas, CEO of Blue Sphere Corp.

For further information please contact Sam White at 888-309-9088 or [ info@bluespherecorporate.com ]

About Blue Sphere Corp.

Blue Sphere Corp. is a company in the cleantech sector as an Emission Reduction Project Integrator. Blue Sphere develops projects for greenhouse gas emission reduction and renewable energy production. The Company aspires to become a key player in the global carbon reduction market, helping enterprises with high pollution emissions achieve their green goals. For further information please visit the Company's website [ www.bluespherecorporate.com ]

Forward-Looking Statements

This press release contains forward-looking statements, which are subject to risks and uncertainties. Among these are: (i) uncertainties regarding our ability to obtain adequate financing on a timely basis including financing for the projects described in this release and other specific projects, (ii) uncertainties regarding the future of the Kyoto Protocol and binding greenhouse gas warming commitments of industrialised countries, (iii) uncertainties regarding the market for and value of carbon credits including carbon credits associated with industrial gases, as well as the duration and amount of estimated emissions from specific projects, (iv) political and governmental risks associated with the foreign countries in which we operate, (v) unanticipated delays associated with project implementation including designing, constructing and equipping projects, as well as delays in obtaining required host country and United Nations approvals, (vi) the development stage of our business and (vii) our lack of operating history. As such, there is no assurance that the initiatives described in the press release will be successfully implemented or meet expectations.

The Company assumes no obligation to update the information in this release.

¹ Source for contents related to the United Nations Cancun Conference : [ http://montreal.ctv.ca/servlet/an/local/CTVNews/20101211/cancun-un-climate-deal-101211/20101211/?hub=MontrealHome ]

² Source: [ http://www.climatechangebusiness.com/first_annual_overview_climate_change_industry ]