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Wednesday, 15 December 2010

EU funding offer sparks anger at Cancun

In one of the first major announcements at UN climate talks in Cancun, Mexico, the EU has released details of its contribution to ‘fast-start' funding to help poorer nations deal with the adverse effects of climate change over the short-term. But aid agencies and governments from developing countries quickly rounded on the news when it became clear that roughly half the money would be in the form of loans or equity in local companies, rather than grants. Wrangling over the ‘fast-start' funding has led to a major breakdown in trust between rich and poor nations over the past year.A pledge of $30 billion in "new and additional" money between 2010 and 2012 for poorer nations was one of the few concrete initiatives to come out of Copenhagen last December, but since then richer nations have appeared reluctant to stump up the cash. Outlining Europe's contribution to the pot on November 30, expected to total €7.2 billion over the three years, EU chief negotiator Artur Runge-Metzger said loans, rather than grants, could provide a "win-win" situation for both sides.

Source: EUobserver