Saturday, November 14, 1998 Published at 10:46 GMT

Global warming deal

reached

Negotiations went on throughout the night

An action plan to cut greenhouse gas emissions

has been agreed by world environment ministers

at the global climate talks in the Argentine capital.

The deal followed hours of

tortuous negotiations that lasted

through Friday night and into

Saturday morning at the United

Nations Climate Conference in

Buenos Aires.

The UK Environment Minister

and Deputy Prime Minister, John Prescott, denied

that the agreement had been fudged at the last

minute saying it was a good day for the

environment.

"It didn't look as if it was going to

come off but it has and I'm

delighted," he said.

"There's still a lot of work to do.

What we've done is set out a

timetable for that programme so that we can

achieve it."

After emerging from the marathon talks with

representatives from several key countries, US

Undersecretary of State Stuart Eizenstat said:

"We're very pleased. We think it advances the

momentum of Kyoto."

The agreement has been presented to all the

delegates at the climate talks.

Verge of failure

BBC Environment Correspondent Richard Wilson

said that at one point during the night the

conference seemed on the verge of breaking down

when the G77 Group of Developing Nations walked

out.

With little sign of

consensus there were as

many as eight competing

proposals circulating

during the night.

The agreement sets a

timetable for the gradual

implementation of the 5%

cut in greenhouse gas

emissions agreed under

the Kyoto Protocol in

Japan last year.

There is also a framework

for starting to transfer high technology and

investment from the developed to the developing

world.

The intention is to encourage investment in

projects which reduce greenhouse gas pollution to

create credits that can be used as offsets against

pollution elsewhere.

To make the system work it is thought inevitable

that a trade in carbon dioxide pollution permits will

be set up.

Although not dealt with specifically in the text, such

a system would require major polluting companies

to buy the right to pollute in the form of tradable

permits.

During the negotiations the 180 participating

countries divided into three competing trading

blocs unwilling to take on expensive clean-up

commitments that might leave them at a

disadvantage to competitors.

More than 130 countries remain outside the scope

of the Kyoto Protocol.

Warming warning

Climate scientists predict that the global

temperature will rise by up to 3.5C over the next

century - greater than any climate change in the

last 10,000 years.

They say sea levels will rise by 15cm-95cm by

2100 - and will go on rising for another 400 years.