Climate financing is a major discussion in the climate talks in Copenhagen. U.S. Secretary of State, Hillary Clinton announced that the U.S. supports the goal of jointly raising $100 billion a year by 2020, mainly for forestry and adaptation. However, transparency of the developing countries will be the deal breaker.
The UN 2009 World Economic and Social Survey estimates that developing countries will require up to $600 billion to transition to a low-carbon growth path and to adapt to the impacts of climate change. The US goal of $100 billion falls far short of what’s needed to secure the safety and well-being of those most affected.
It is not clear how much of the $100 billion should come from public sources and especially from U.S. According to the sources U.S. responsibility is 33.1 percent of the total amount needed for climate finance. Yet US has not accepted the historical responsibility to the climate change yet.
During the last week EU countries only offered 7 billion up to 2012. Angry African countries said that proposed 10 billion US Dollar UN fund is not even adequate to buy the coffins for the Africans.