UN to ask private donors for $100 billion climate aid

Tigrai Online
July 14 2010

UNITED NATIONS A pledge by rich nations in Copenhagen to provide as much as $100 billion a year of climate-related aid to developing countries by 2020 may depend in part on the generosity of private donors and other non-governmental sources.

Secretary-General Ban Ki-moon said Tuesday that his panel of advisers seeking ways to fulfill a U.N. climate summit's pledge in the Danish capital last December was considering private sources to deliver some of the aid promised to help developing countries deal with rising sea levels, drought and other effects of rising temperatures.

The panel chaired by prime ministers Meles Zenawi of Ethiopia and Jens Stoltenberg of Norway have been meeting this week to devise ways to set up a $30 billion annual fund by 2012 that would increase to $100 billion a year by 2020.

The panel also includes billionaire George Soros, White House economic adviser Lawrence Summers, the president of Guyana and ministers from Britain, France, Mexico, Singapore and South Africa.

"The challenges will be great," Ban told reporters. "They have to first of all identify the sources of resource whether it comes from public funding or private funding. I suspect that to generate $100 billion, both private and public funds would be necessary."

He did not specify, however, what sort of private funds might be sought individual, corporate or other sources.

Ban's advisory panel on climate financing said it plans to submit a final report in October on how to set up the fund.

Separately, Chris Huhne, Britain's energy and climate secretary, told reporters that private finance would be "absolutely key, because so much of the mitigation agenda is about what is effectively a new industrial revolution in all of our countries, in the developing world and the developed world."

Source AP, read more