Clinton drops a $100 billion dollar bombshell in the global warming warDecember 18th, 2009
Examiner - Secretary of State Hillary Clinton announced to day in Copenhagen the potential of a $100 billion in international climate financing by 2020. The funding is dependent on a international plan to curb green house gas emissions. The scale of this funding could be an important element in breaking up an impasse on the finance issue, as well as concluding a final political agreement here in Copenhagen. This funding will help the least developed and most vulnerable countries move toward a clean energy future and adapt to the effects of global warming that are already occurring. This money will help also protect tropical rain forests as well as deal with natural disasters produced by unstable climate.
Concern as to where this money would come from has many including the Sierra Club pointing to the reported $300 billion international dollars currently subsidizing the fossil fuel industry. Environmental groups applaud the announcement.
Statement of Carl Pope, Sierra Club Executive Director:
"Secretary of State Clinton's announcement of $100 billion in international climate financing by 2020 is truly a bombshell. It mirrors the scale of the proposal by Ethiopia and France and is a very important step toward resolving both the impasse on the finance issue, as well as concluding a final political agreement here in Copenhagen. This funding will help the least developed and most vulnerable countries move toward a clean energy future and adapt to the effects of global warming that are already occurring. This money will help also protect tropical rain forests as well as deal with natural disasters produced by unstable climate.
"While it is a major initiative, Secretary Clinton made clear that it can be funded from a wide variety of public and private sources. As one example, just by eliminating subsidies to the oil and coal companies in the industrial world we can pay for more than half of what is needed to help the poorest and most vulnerable nations cope, and minimize, climate disruption. The world wastes some $300 billion a year in fossil fuel subsidies--$60 billion of which is spent in OECD countries. Between today's important announcement and the earlier G20 commitment to phase out fossil fuel subsidies, the U.S. is helping to lead the world in the right direction on these crucial issues.
"The US has also made clear that all nations must honestly and transparently do their part to solve the problem of global warming and reduce their greenhouse pollution -- this funding only flows as part of a global plan agreed to by all to solve this problem."
Statement of David Waskow, spokesperson for Oxfam International:
"We are heartened by US Secretary of State Hillary Clinton’s commitment to significant financial resources of $100 billion dollars a year by 2020 to help developing countries weather the negative impacts of climate change.
"It is absolutely crucial that this funding come from public sources in developed countries and be additional to current development assistance commitments. Private financing is no substitute for public investment in the resilience of the poorest and most vulnerable communities."