This is troubling because the low price discourages emitters investing in climate-friendly technologies and fuels.
He said China would greatly boost its forest cover, "climate-friendly technologies" and use 15% of its energy from renewable sources by 2020.
While most developing nations have contributed little to the climate problem, they can become part of the solution if given adequate money to purchase and manufacture climate-friendly technologies.
On March 31 Su Wei, leader of the Chinese delegation, said that success at the December Copenhagen meeting depended on whether developed countries were prepared to provide substantial funds and transfer climate-friendly technologies to LDCs.
"This 'lock-in' would slow down the introduction of climate-friendly technologies and narrow the developmental choices that would place the global community on the path to a sustainable, green future," he said.
Mr. Obama has given muted support to nuclear power but has repeatedly said his prime goal is an ambitious, sustained push for efficiency and new climate-friendly technologies, like plug-in hybrid cars and improved solar panels.
Ten of the world's biggest oil companies, mostly European companies such as Total, BP and Shell, earlier this month pledged to invest $1bn to develop climate-friendly technologies, including a large chunk for CCS.
In the United States, annual federal spending for all energy research and development — not just the research aimed at climate-friendly technologies — is less than half what it was a quarter-century ago.
The basic premise of all renewable energy development policies is that they create demand for climate-friendly technologies that otherwise would not exist at all or not at desired levels under current market conditions [22].
Rapid progress has also been made in energy efficiency, transportation, advanced nuclear power, energy storage and other key climate-friendly technologies.
