guardian.co.uk: America makes first move to allow independent fund for poor countries

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http://www.guardian.co.uk/environment/2009/oct/06/climate-change-funding

America makes first move to allow independent fund for poor countries

US breaks deadlock on organisations such as World Bank deciding how to allocate money for clean tech and adaptation

John Vidal in Bangkok
guardian.co.uk, Tuesday 6 October 2009 13.10 BST

The US has made the first move to bridge the yawning gulf separating rich and developing countries on the money needed to secure a successful climate change deal at crucial UN talks in Copenhagen this December.

Although US negotiators have not made any specific promises on finance at talks currently under way in Bangkok, the US has accepted the principle of a single independent fund to be administered at least in part by the UN.

This is a long way from what developing countries want - firm pledges of large sums of money to allow poor countries to buy technologies to help them develop cleanly and to adapt to climate change. But because talks have been frozen on the issue for months, the movement in the US position is being seen as a positive step.

Until now, America, backed by Britain, has proposed that any money paid should be channelled through existing organisations like the World Bank. In addition it has insisted that contributions by rich countries should be voluntary.

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