Monday, December 14, 2009

ADB chief says climate finance insufficient

COPENHAGEN (Reuters) - The head of the Asian Development Bank said on Sunday that rich countries' offers of funds to developing countries for measures to mitigate or adapt to climate change remain insufficient a week into U.N. talks.

ADB President Haruhiko Kuroda also told Reuters in an interview that if governments were to fail to reach a climate deal in Copenhagen, it could lead to a collapse of the carbon market which would hit efforts to deal with climate change.
Rich and poor nations differ over how much the developed world should pay to help developing economies combat or cope with climate change.
"Whatever is agreed in this process, financing is really key -- financing for mitigation as well as adaptation efforts to be done particularly by developing countries," Kuroda said during a one-day break in 190-nation negotiations in the Danish capital. Read more.

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