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China Calls on Rich Nations to Give $490 Billion for Climate

March 6 (Bloomberg) -- China, the biggest country by population and carbon emissions, called on developed nations to provide $490 billion of climate funding to poorer countries through 2020 to help them adapt to droughts and floods.

From 2020, richer countries should give at least 1 percent a year of their gross domestic product to the Green Climate Fund based in Songdo, Korea, China said in a submission published today on the website of the UN Framework Convention on Climate Change. They should give annual funding of $40 billion this year, rising to $100 billion in 2020, it said.

The fund is preparing to raise initial capital this year as nations struggle to meet a target to limit global warming. Humans have emitted more than half the carbon compatible with the goal to keep global temperatures from rising by 2 degrees Celsius (3.6 Fahrenheit), UN scientists said in September. A new climate agreement to be set by the end of 2015 is unlikely to put the Earth on the necessary path, according to Christiana Figueres, executive secretary of the UNFCCC.

“Developed countries are responsible for the current and future concentration of greenhouse gases in the atmosphere because of their historical, current and future emissions,” China said. They need to cut emissions 40 percent from their 1990 levels by 2020, it said.

The European Union proposed in January to cut its emissions by that amount by 2030. It currently has a target for a 20 percent reduction by the end of this decade. Past, current and future emissions are potential indicators of fairness of a nation’s climate pledge, the 28-nation bloc said March 4 in a submission to the UNFCCC.

Country Groupings

Developed countries should have more responsibility to provide finance as well as emission cuts than emerging nations and the 2020 deal should be struck under the existing rules of the 1992 convention, China said today.

“Common accounting rules to apply to all developed country parties on their mitigation and provisions of finance, technology and capacity-building support to developing country parties,” the nation said.

The U.S. “would not support a bifurcated approach to the new agreement, particularly one based on groupings that may have made sense in 1992 but that are clearly not rational or workable in the post-2020 era,” the north American nation said Feb. 12 in its submission to the UNFCCC.

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

To contact the editors responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net Rob Verdonck, Sharon Lindores

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