Climate Change Talks Bogged Down Over Financing, Carbon Limits, U.S. Says - Bloomberg

Climate Change Talks Bogged Down Over Financing, Carbon Limits, U.S. Says - Bloomberg

U.S. and Bolivian negotiators said climate talks in China are making little progress as issues including financing and carbon-emissions limits bog down envoys.

Efforts to reduce greenhouse gases in a global treaty to replace the 1997 Kyoto Protocol accord may splinter if no agreement is reached at the climate summit next month in Cancun, Mexico, Jonathan Pershing, the U.S. deputy special envoy on climate change, said today in Tianjin.

“The consequences of not having an agreement after Cancun are something to worry about,” Pershing said in a news briefing. “It may mean that we don’t use this process exclusively going forward.”

Officials from about 175 governments are meeting in China to craft a climate treaty and replace emissions targets set by the Kyoto Protocol that expire at the end of 2012. Talks in Copenhagen broke down last year over targets for industrialized nations and verification of output cuts in developing countries.