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£2.3 Trillion: Rich Countries’ Bill For Climate Deal

Ben Webster, The Times

Britain and other rich countries face demands for $3.5 trillion (£2.3 trillion) in payments to developing nations to secure a deal in Paris to curb global warming.

Developing countries have added a clause to the latest draft of the text under which they would be paid the “full costs” of meeting plans to cut emissions.

An analysis of plans published by 73 developing countries shows that they want $3.5 trillion by 2030. India alone is seeking $2.5 trillion, according to the website Carbon Brief. The amount paid by rich countries is a key unresolved issue at the climate conference in Paris, which is supposed to end tomorrow. The latest version of the text has more than 360 points of disagreement.

Developed countries have pledged to “mobilise” $100 billion a year by 2020 in public and private finance. This would have to treble to meet the latest demands from developing countries.

Prakash Javadekar, India’s environment minister, told The Times that Britain and other developed countries would have to “scale up” the $100 billion figure after 2020. He said that the sums paid so far were “not significant”, even though Britain alone has contributed more than £3 billion since 2011.

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