Advocates in Copenhagen have been pushing hardest for some serious financing for developing countries to reduce emissions and adapt to climate change to break the impasse in the negotiations. Hilary Clinton has come up with a much needed announcement that the US will build a global fund of $100 billion dollars from “a variety of sources” by 2020. I say good, but show us how. I can’t see this announcement doing much at all unless Clinton or Obama can give us a little more detail on what the US, Europe, and others are going to do to get that kind of money flowing each year. Try ending fossil fuel subsidies.
US would contribute to $100bln climate fund: Clinton
(AFP) – 2 hours ago
COPENHAGEN — The United States would contribute towards a fund worth 100 billion dollars a year by 2020 to help poor countries cope with climate change, Secretary of State Hillary Clinton said Thursday.
She said the contribution would be “in the context of a strong accord in which all major economies stand behind meaningful [greenhouse-gas] mitigation actions and provide full transparency as to their implementation.”
In such circumstances, “the United States is prepared to work with other countries toward a goal of jointly mobilizing 100 billion dollars a year by 2020 to address the climate change needs,” she said.
The figure is aligned with figures for long-term funding sketched by the European Union (EU).
Climate finance is one of the core issues being debated at the 12-day UN climate conference in Beijing.
The money would be used to help poorer countries switch to cleaner technology and shore up their defences against the impacts of climate change.