20 Oct '11, 4pm

Multi-billion dollar #climate change fund hits barrier as USA and Saudi Arabia block consensus #UNFCCC #COP17

Plans for a multi-billion dollar fund to help developing countries deal with climate change hit a big barrier this week when countries could not agree on the design of the fund. The decision came on Tuesday at a meeting of an international committee tasked with designing the fund in time for governments to approve the design at next month’s UN climate change conference in Durban, South Africa. Last year, negotiators from 194 nations agreed to create the “Green Climate Fund” to channel up to US$100 billion a year by 2020 to developing countries. Developing countries have warned that control of the fund by the donor nations – and the burden of bureaucracy that entails — would limit their ability to make good use of it. The Least Developed Countries -- 48 of the poorest nations in Africa and Asia that are particularly vulnerable to climate change – were represented on the com...

Full article: http://www.iied.org/climate-change/media/multi-billion-do...

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