Developed Nations Arrange $10 Billion Financing in 2010 for Climate Fight

Developed nations have identified sources for $10 billion in “fast track” climate financing for poorer nations this year and almost $30 billion through 2012, the UN’s chief climate negotiator said.

Richer nations, which pledged $30 billion in climate aid over three years at 2009’s climate summit in Copenhagen, have a “growing sense of urgency” about this year’s climate talks in Cancun, Mexico, the UN’s Christiana Figueres said today at a meeting in Geneva. They need to arrange about $100 billion a year through 2020 to combat global warming, she said.

“What we have now is a constructive atmosphere to work,” Figueres said. The financial crisis is only a “temporary” constraint, she said.

The U.S. is unlikely to have climate legislation in place before the summit in Cancun, which begins Nov. 29, Figueres said. The country can still regulate emissions through its Environmental Protection Agency, she said.

To contact the reporter on this story: Ewa Krukowska in Geneva at ekrukowska@bloomberg.net

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