U.S. to contribute to $100B climate fund to help developing countries: Hillary Clinton

http://www.nydailynews.com/news/world/2009/12/17/2009-12-17_us_will_contribute_to_100b_climate_fund_for_developing_countries_hillary_clinton.html

By Soraya Roberts
DAILY NEWS STAFF WRITER

Originally Published:Thursday, December 17th 2009, 7:36 AM
Updated: Thursday, December 17th 2009, 10:57 AM

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Hilary Clinton Thursday announced US support of an annual $100 billion climate protection fund.

The planet may be saved after all, and it will only cost $100 billion.

Just as the Copenhagen climate summit appeared to be on the verge of unraveling, the United States Thursday announced its support of an annual $100 billion climate protection fund, the Associated Press reports.

"The US is prepared to work with other countries toward a goal of jointly mobilizing $100 billion a year by 2020 to address the climate change needs of developing countries," Secretary of State Hillary Clinton said.

Included in the conditions for the US' contribution, Clinton demanded that China's emissions reductions be scrutinized independently and that 193 countries sign a climate deal tomorrow. This would keep the US and other rich nations on top of developing countries who want them to increase emission cuts, the AP reports.

Clinton revealed that the U.S. would not be decreasing emissions by 2020 beyond the 4 percent it committed to in 1990.

While she would not disclose how much the U.S. would be contribution to the climate fund, Clinton said there would be a fair amount contributed to the pot that would be made available in 2020. The finances will reportedly be raised partially by taxing aviation and shipping, as proposed by the European Union.

The protection of rainforests will be made a U.S. priority as the White House allegedly believes this cause will get more financial support from the public, Clinton said.

Emerging economies such as China, India, Brazil and South America must agree to be open to internal verification of international carbon limits under the plan.

"If there is not even a commitment to some sort of transparency, then that's kind of a deal-breaker for us," Clinton told a press conference.

China, the world's most polluted country, and India have reportedly been blocking the progress of negotiations in Copenhagen.

The United States' intervention is the first movement in the highly publicized conference whose talks appear to have stalled.