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Copenhagen: latest developments

By Juliet Eilperin

COPENHAGEN--China's revelation early Thursday that it cannot envision an immediate, operational accord emerging from negotiations here was followed hours later by a U.S. pledge to help fund $100 billion a year to developing countries by 2020 if a substantive pact is reached.

With Clinton's announcement, the U.S., the European Union and all of Africa are now united in endorsing the idea a long-term financial package to aid the developing world, financed through public and private funds, that will total $100 a year billion by 2020. No one has said how much individual nations will contribute or what exact mechanisms will be used to generate the money.

In the short term, both the E.U. and Japan have pledged to help deliver $10 billion a year to developing countries for the next three years, of which Japan would provide $5 billion a year and the E.U. would provide $3.6 billion a year. The U.S. has said it would support a financial package that would reach $10 billion annually in 2012. Other possible contributors would be Australia and Canada.

The funding is contingent on world leaders forging a pact here that includes significant emissions cuts from both developed and major developing countries, and an internationally agreed upon way to monitor those cuts. The pledges are designed to increase pressure on China and other countries to come to the table.

"This should be huge game-changer," said Gene Karpinski, president of the League of Conservation Voters. "We made clear our commitment to very significant financial support as long as there is a deal in Copenhagen with real transparency."

Clinton described the issue of transparency as "a dealbreaker" for the United States. "There's a backing away from transparency, and that's something that undermines the whole effort we're engaged in."

By

Juliet Eilperin

 |  December 17, 2009; 7:25 AM ET Save & Share:  Send E-mail   Facebook   Twitter   Digg     Del.icio.us   StumbleUpon   Technorati  
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