Climate draft proposes $100 billion financing

Reuters, Saturday 11 Dec 2010

About $ 100 billion is suggested by the United Nations Climate Change Conference to finance developing nations protecting their environment

UN climate convention
UN climate convention draft to finance developing countries with $ 100 billion. (photo: Reuters)

A draft accord from a U.N. climate conference Friday proposed a raft of modest deals, including a $100 billion in financing to help developing nations by 2020, a temperature target and payments to protect tropical forests.

The United Nations Climate Change Conference is taking place in Cancun, Mexico, from 29 November to 10 December 2010. It encompasses the sixteenth Conference of the Parties (COP) and the sixth Conference of the Parties serving as the Meeting of the Parties to the Kyoto Protocol CMP, according to United Nations Framework Convention on Climate Change official website.

The draft aimed to limit global warming to less than 2 degrees Celsius (3.6 F), and would deliver "adequate and predictable support, including financial resources" for developing countries that protect their forests.

To become a U.N. decision, the draft, agreed by groups of ministers, would have to be cleared by a conference of about 192 countries at a full meeting in Cancun, Mexico, Friday or Saturday.

The draft moves forward a pledge that wealthy nations made last year in the Copenhagen Accord of $100 billion per year in financing, starting in 2020, for developing countries.

The money would help developing countries mitigate emissions and adapt to the worst effects of global warming, like heatwaves, droughts and stronger storms.

The text also sets up a "green climate fund" to help channel some of the money to developing countries.

The text drops a demand from developing countries that rich countries offer 1.5 percent of their gross domestic product in financing.

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