UN looking for $100 billion annually for climate initiatives

Today’s Climate Finance Meeting at the United Nations village in Copenhagen will be seeking to build a USD 100 billion per year framework for climate initiatives in the developing world from 2020 onwards. “100 billion dollars per year from 2020 is a major challenge. It’s a lot of funding but it is possible if there is a political will to do so. Where there’s a will there’s a way,” UN Secretary General Ban Ki-moon said prior to the meeting. Such a major amount of funding cannot come from public funds alone, and today’s meeting will be discussing how private funds – such as those from insurance companies and pension funds – can be incorporated. “The main part of the funding will come from the private sector, so it’s important that they are given the right conditions. The framework will be developed further at the next COP meeting in Warsaw,” says the meeting’s host, Climate Minister Martin Lidegaard...more