Paris Climate Conference: Finance Set to be Stumbling Block in Talks

climate change

Developed nation will not put a figure on the aid that they will be giving for climate action after 2020 as per the agreement at Copenhagen 2009.

paris climate finance
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The arguing over money has started at the climate change conference in Paris. Developed countries will not be putting a figure on the money that they are willing to give for climate change after 2020. At the same time they are trying to shift some of the financial responsibility onto developing countries.

There is not that many days let to put together a global climate agreement and there are a number of issues that still need a solution. Negotiators have divided themselves into a few small groups to have the differences out. There are about 40 groups that are all looking at different issues.

The main battles though are being fought in the groups that are discussing finance.

Under the UN Framework Convention on Climate Change, developed countries are obligated to provide money to developing nations to help them deal with the impacts of climate change.

At the 2009 Copenhagen climate change conference, the developed world had committed to mobilizing $100 billion in climate finance every year from 2020. There has been progress in raising this money for 2020 there is no certainty on how this money will be made available every year after that.

However the main focus was developed countries trying to get developing countries to provide finance. This has always been rejected by developing countries.

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