Today’s Climate Finance Meeting at the United Nations village in Copenhagen
will be seeking to build a USD 100 billion per year framework for climate
initiatives in the developing world from 2020 onwards.
“100 billion dollars per year from 2020 is a major challenge. It’s a lot of
funding but it is possible if there is a political will to do so. Where
there’s a will there’s a way,” UN Secretary General Ban Ki-moon said prior
to the meeting.
Such a major amount of funding cannot come from public funds alone, and
today’s meeting will be discussing how private funds – such as those from
insurance companies and pension funds – can be incorporated.
“The main part of the funding will come from the private sector, so it’s
important that they are given the right conditions. The framework will be
developed further at the next COP meeting in Warsaw,” says the meeting’s
host, Climate Minister Martin Lidegaard.
Climate funding from the West to developing nations is expected to be the main
issue at the COP19 Climate Conference in the Polish capital Warsaw from
November 11 – 22.
At the COP15 Climate Conference in Copenhagen in 2009, the rich countries
promised to earmark USD 100 billion per year to help poor countries face the
droughts, floods and extreme weather due to climate change, as well as
helping them convert to green energy.
FACEBOOK – Follow
Politiken’s News in English