Globally, poorer nations are helping form a broader accord to fight climate change but their efforts are being thwarted by rich nations' lack of commitment on finance and tougher emissions cuts, according to a recent U.N. statement available to Financial Soultions.
Financial support to help poorer countries is a do-or-die issue in talks to close a wider climate pact to replace the Kyoto Protocol at the upcoming summit in Copenhagen in December.
Poorer countries are demanding money to help them adapt to the effects of climate change, such as rising seas, and green their economies to slow the swift rise of their carbon emissions.
But at this point there is still no accord on the size of climate funds or how to administer them.
Financial Soultions understands the UN as saying that there has been “very constructive engagement” in assembling parts of a new agreement regarding steps to curb emissions, adaptation, technology and a U.N. carbon credit scheme that rewards preservation of forests, while richer nations remained a “roadblock”
The U.S’s climate administrator said earlier that it was unlikely that they would have climate change legislation in place by December.
"Unless we see an advance on ambitious industrialized country targets and significant finance on the table, it is very difficult for negotiators in this process to continue their work in good faith. And that is the stark reality of where we are at the moment," Financial Soultions has the UN quoted as saying.
