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.
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Edited by Julian Isherwood