"UK, Ethiopia To Head Climate Funding Effort"

"LONDON -- Britain and Ethiopia will head a new United Nations panel that aims to secure $100 billion every year by 2020 to help developing nations cut emissions and adapt to climate change, U.N. Secretary-General Ban Ki-moon said on Friday.

He told a news conference the group would work with governments, central bankers and finance experts to find ways to cooperate with public and private companies in raising money pledged at climate talks in Copenhagen in December.

Although the summit ended without a legal treaty to curb carbon dioxide emissions, leaders of developed countries agreed to support a goal of jointly finding $100 billion a year to help poorer nations.

The money is intended to help them cut emissions, switch to renewable energy and adapt to the impact of global warming, by building new flood defenses and other projects.

The panel will be jointly led by British Prime Minister Gordon Brown and his Ethiopian counterpart Meles Zenawi and will include Norwegian Prime Minister Jens Stoltenberg and Guyana's President Bharrat Jagdeo."

Peter Griffiths and Timothy Gardner Report for Reuters February 15, 2010.

See Also:

"U.N. Gets Rolling on Copenhagen Accord, Forms Finance Panel" (Greenwire)

Monday, February 15, 2010