Thursday, December 10, 2009
Nations Seek Financing to Aid Global Warming in Poor Countries
Posted by Chris O'Sullivan
European nations are pressing allies to assist in establishing a multi-billion dollar fund to assist countries suffering the most from global warming. At the European Union summit Thursday, European governments committed a total of $2.6 billion (euro1.8 billion) a year for 2010-2012 for the short-term climate fund, or a three-year total of $7.9 billion (euro5.4 billion). President Obama has also insisted that the US will pledge dollars to assist in this matter, but some US officials are cautious about the amount that can be spent at this point in time.
The financing is intended to help poorer nations to build coastal protection, modify or shift crops threatened by drought, build water supplies and irrigation systems, preserve forests, improve health care to deal with diseases spread by warming, and move from fossil fuel to low-carbon energy systems, such as solar and wind power.
Both rich and poor nations are talking behind closed doors and in open forums at the conference to mitigate wide differences and reach agreements on how to combat global warming. They have only one week to deliver something for Obama and 100 other national leaders to sign on Dec. 18, the final day of the summit.