"U.N. Launches Green Climate Fund With Little in Its Coffers"

"The Green Climate Fund, designed as the United Nations' most important funding body in the battle on climate change in developing nations, launched its headquarters on Wednesday in South Korea, but uncertainty over finances clouded the event."

"The launch was largely symbolic, as the Fund, set up by developed nations to channel most of the $100 billion they aim to spend each year by 2020, is not expected to be fully operational until the latter half of next year.

Rich nations, reluctant to stress their already fragile economies, have not paid up as scheduled. Now the Fund has just $40 million at its disposal, a sum promised by South Korea that must also cover administrative expenses."

Stian Reklev and Choonsik Yoo report for Reuters December 5, 2013.

Source: Reuters, 12/05/2013