Africa wants climate change funding of $100 bln a year by 2020
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The funding for adaption and mitigation of climate change should rise to 100 billion U.S. dollars a year by 2020, said Males Zenawi, Prime Minister of Ethiopia, on behalf of the African Group, at the U.N. Climate Change Conference on Wednesday.
He told the high-level segment of the conference the funding should start by 2013 and reach 50 billion dollars a year by 2015, with the funds allocated for adaption by vulnerable and poor countries and regions, such as Africa and small island states.
He also suggested the fund should be financed through creative financing mechanisms and the U.N. Framework Convention on Climate Change should mandate a commission of political leaders and experts to review all such funding mechanisms and come up with a reliable system of funding and submit its report within six months.
In the short term, Zenawi said, a start-up fund of 10 billion dollars a year for the three years of 2010-2012 should be established to address urgent adaption and mitigation. He also suggested that 40 percent of the start-up fund should be earmarked for Africa.
"Africa is not prepared to accept empty words and agreements that undermine its fundamental interest," the PM said, "Africa loses more than most if there is no agreement on climate change."
"We are determined to make sure that, in Copenhagen, we will have an agreement that all of us, Africa included, are happy with."
