U.S. rejects key climate fund

Not enough private sector involvement, say U.S. officials

The U.S. is refusing to sign off on a key climate fund that emerged from annual talks on global greenhouse gas emissions, just days before a UN climate conference is to be held in Durban, South Africa. Along with Saudi Arabia, the U.S. won’t sign the Green Climate Fund, the blueprint for channeling US $100 billion that wealthy countries have committed to put forward by 2020. As reported in the Financial Times, the Americans want more private sector involvement in the plan, while Saudi Arabia wants guaranteed compensation to oil producing countries for lost revenues incurred by measures to curb emissions. The Durban conference is seen as a vital meeting to set up a new global agreement on the reduction of carbon emissions, the driving force behind global warming. The existing Kyoto Protocol expires at the end of 2012.

The Financial Times