NewNet News - Copenhagen Accord promises $30bn in funding to kickstart emissions reduction in poorest nations

Copenhagen Accord promises $30bn in funding to kickstart emissions reduction in poorest nations

21 Dec 2009

Developed and developing country leaders have formed the Copenhagen Accord, reaching agreement after two weeks of negotiations and two years of talks.

The agreement is backed by a large majority of countries that attended the talks and will reinforce the need for strong domestic action on climate change across the world, according to the UK Department of Energy and Climate Change (DECC).

The Accord includes international backing for an overall limit of two degrees on global warming, an agreement that all countries need to take action on climate change, and the provision of immediate and longer term financial help to those countries most at risk of climate change.

The new Copenhagen Accord also proposes to list what each country is doing to tackle climate change and introduce transparency to ensure emission targets are put into effect, with mandatory reporting every two years for developing countries.

As part of the Accord, $30bn of immediate short term funding from developed countries over the next three years will kick start emission reduction measures and help the poorest countries adapt to the impacts of climate change. Developed countries have committed to work to provide long term financing of $100bn a year by 2020, proposed by UK Prime Minister Gordon Brown in June. The countries are also working to convert the Accord into a legally binding agreement.

UK Energy and Climate Change Secretary Ed Miliband said, ‘Our agreement today marks the start of a new phase in tackling climate change. Developed and developing countries have come together to take action and there is an unprecedented commitment of climate finance.

‘Major developed and developing countries have signed up to tackle the problem and to limit global warming to two degrees. As countries enter their emissions cuts in the formal register by January 31st, they can and should make good on this,’ Miliband added.

The UK Government wants to see the European Union move to a target of a 30 per cent cut in emissions by 2020, compared with the current 20 per cent figures, according to DECC.

Tags: policy