Speaking in Copenhagen yesterday, Secretary of State Hillary Clinton proposed the creation of a $100 billion global fund to fight global warming. There were no details on how much of the $100 billion per year would come from the United States, but the statement ups the ante on the negotiations and affirms the United States’ determination to reach an agreement.
In his speech to the conference today, President Obama repeated Secretary Clinton’s $100 billion proposal with conditions, saying;
First, all major economies must put forward decisive national actions that will reduce their emissions, and begin to turn the corner on climate change. I’m pleased that many of us have already done so. Almost all the major economies have put forward legitimate targets, significant targets, ambitious targets. And I’m confident that America will fulfill the commitments that we have made: cutting our emissions in the range of 17 percent by 2020, and by more than 80 percent by 2050 in line with final legislation.
Second, we must have a mechanism to review whether we are keeping our commitments, and exchange this information in a transparent manner. These measures need not be intrusive, or infringe upon sovereignty. They must, however, ensure that an accord is credible, and that we’re living up to our obligations. Without such accountability, any agreement would be empty words on a page.
I don’t know how you have an international agreement where we all are not sharing information and ensuring that we are meeting our commitments. That doesn’t make sense. It would be a hollow victory.
Number three, we must have financing that helps developing countries adapt, particularly the least developed and most vulnerable countries to climate change. America will be a part of fast-start funding that will ramp up to $10 billion by 2012. And yesterday, Secretary Hillary Clinton, my Secretary of State, made it clear that we will engage in a global effort to mobilize $100 billion in financing by 2020, if — and only if — it is part of a broader accord that I have just described.
Obama’s second condition has proved to be one of the the most controversial. Obama believes transparency is fundamental to any agreement. Chinese officials disagree. As the world’s leading producer of greenhouse gases, no nation exerts as much influence over the talks, or has as much at stake, as China. China is adamantly against the third party monitoring of its greenhouse gas emissions citing concerns over national sovereignty. As the conference winds down today, so closes the window to make a deal.
Read the full text of Chinese Premier Wen Jiabao’s address here.
Tags: Copenhagen Minnesota Free Market Institute Climate Change President Obama
