Climate draft proposes $100 billion financing

CANCUN, Mexico (BestGrowthStock) – A draft accord from a U.N. climate conference Friday proposed a raft of modest deals, including a $100 billion in financing to help developing nations by 2020, a temperature target and payments to protect tropical forests.

The draft aimed to limit global warming to less than 2 degrees Celsius (3.6 F), and would deliver “adequate and predictable support, including financial resources” for developing countries that protect their forests.

To become a U.N. decision, the draft, agreed by groups of ministers, would have to be cleared by a conference of about 192 countries at a full meeting in Cancun, Mexico, Friday or Saturday.

The draft moves forward a pledge that wealthy nations made last year in the Copenhagen Accord of $100 billion per year in financing, starting in 2020, for developing countries. The money would help developing countries mitigate emissions and adapt to the worst effects of global warming, like heatwaves, droughts and stronger storms.

The text also sets up a “green climate fund” to help channel some of the money to developing countries.

The text drops a demand from developing countries that rich countries offer 1.5 percent of their gross domestic product in financing.

Climate draft proposes $100 billion financing