UN chief calls on rich countries to honor promise of climate financing

10:18, June 28, 2010      

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UN Secretary-General Ban Ki-moon on Sunday called on industrialized countries "to make good on their promises" financing the developing countries in their efforts to fight against climate change.

The secretary-general made the appeal at the working lunch at the summit of the Group of 20 (G-20) largest economies in the world, said a readout of the UN Spokesperson's Office.

The secretary-general "called on industrialized countries to make good on their promises for climate financing," the readout said. "Delivery of the 'fast-start' funds beginning this year was a critical test of credibility and for building trust between countries."

"He said there also needed to be concrete progress toward realizing the longer-term 100 billion U.S. dollars per year pledge made at Copenhagen," the readout said. "He said the High-level Advisory Group on Climate Change Finance would play a useful role in this regard."

Under the UN Framework Convention on Climate Change (UNFCCC), developed nations must take the lead in reducing their carbon emissions by a large margin, and also provide financial and technological support to the developing world.

"The secretary-general said progress on financing had to be matched by credible action on mitigation along with accountability and transparency," said the readout.?

"He urged G-20 members to continue scaling up investments in clean energy and the green economy," the readout said.

"The secretary-general said he welcomed G-20 plans for phasing out fossil fuel subsidies," the readout said. "'The sooner, the better,' he said."

Meanwhile, Ban "thanked President Felipe Calderon of Mexico for his committed leadership as the host of this year's UN Conference on Climate Change, the readout said.

The next summit on climate change will be held in Mexico late this year. The previous one was convened in Copenhagen, capital of the Denmark, in December 2009.

"The risks -- and costs -- of inaction on climate change grow each year. The more we delay, the more we will pay," said the secretary-general.

"He said it was essential that the G-20 members recognize, publicly, the important outcomes of Copenhagen as the basis on which the UNFCCC negotiations could move forward," the readout said. "Hard-won agreements cannot be ignored," he said.

"He said it would not be quick or easy to reach a comprehensive global agreement," the readout said. "But it would be possible to achieve a meaningful, realistic result in Cancun."

"The secretary-general encouraged the G-20 members to fulfill national mitigation pledges and to be more ambitious," the readout added.

Source: Xinhua


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