100 billion reasons a global climate pact may fall apart

30 Jun 2015 | Author: | No comments yet »

Climate Summit Countdown: BASIC bloc reminds rich nations of $100 bn promise.

The four BASIC nations — India, China, Brazil and South Africa — have voiced their concern at the lack of clarity on how developed countries will deliver the promised USD 100 billion every year from 2020 to help poor nations deal with adverse impacts of climate change. At a meeting in New York, held on June 27-28, the bloc of four large newly industrialised economies urged the developed nations to honour their obligation to provide “new, additional and predictable financial support” to developing countries in a “measurable, reportable and verifiable manner”. France, the host for this year’s climate conference, is keen to ensure that this assurance becomes a part of the agreement in Paris. “Developed countries must provide new, additional, predictable, adequate and sustained public support…The agreement must establish a clear link between the actions by developing countries to contribute to effectively addressing the climate change challenge,” a joint statement from the BASIC countries said. Monday’s high-level meeting of the UN general assembly – including an appearance from Robert Redford – was intended to help build momentum for a Paris deal that would keep warming to 2C, the internationally agreed limit to avoid dangerous climate change.

But some of the key players among the 193 countries taking part in the negotiations – and two of the world’s biggest carbon polluters in India and China – say they are frustrated with rich countries’ failure to come up with a clear plan for raising the cash to fight climate change. Developing countries are also pushing rich countries to make more funds available for future protections against climate change – not just cutting greenhouse gas emissions.

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