Hope of deal in Cancun fades as rich break vow - The Economic Times

Hope of deal in Cancun fades as rich break vow - The Economic Times

Hope of progress on a global climate deal at the year-end Cancun summit is rapidly dimming with rich countries backtracking on their commitment to provide climate funds. Finance is a key issue for rebuilding trust among developing and developed countries.

The two-day informal Geneva Dialogue on Climate Finance held late last week focused on sources of long-term climate finance, particularly the role of public and private funds. The developing world is concerned about the increased emphasis by industrialised countries on private sources and markets for climate funds.

There is hesitation on the part of the rich countries to commit public funds on account of global financial crisis and the ensuing austerity cuts.