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China Says Climate Ambition Depends on Funding From Rich Nations

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March 8 (Bloomberg) -- China said developing nations could take more action on climate change only when they get more money and technology from rich countries, which need to recognize their past responsibility for greenhouse-gas output.

“Social and economic development and poverty eradication are first and overriding priorities of developing-country parties,” China said in a filing published today on the website of the United Nations climate unit. Whether they can “enhance their actions both on mitigation and adaptation depends on the enhanced finance and technology supports by developed-country parties.”

There's a risk that developed nations may be “double counting” when they use carbon markets to help reduce the cost of greenhouse-gas cuts, China said. That’s because wealthy nations may argue that buying emission credits fulfills their financial and technology transfer commitments as well as offsetting emissions, it said.

To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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