On Wednesday 28th January, the European Commission published a Communication setting out its proposals for a new global agreement to tackle climate change and how it should be financed.
The new pact is due to be concluded at the Copenhagen UN climate conference in December. In order to keep temperature increase below 2°C, developing countries will require substantially higher funding from the developed world and multilateral institutions to help them shoulder their contribution to addressing climate change. The Commission’s proposals include the creation of an OECD-wide carbon market by 2015 and of innovative international funding sources based on countries’ emissions and ability to pay.
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