BR100 Decreased By (-0.81%)
BR30 Decreased By (-1.11%)
KSE100 Decreased By (-0.81%)
KSE30 Decreased By (-0.81%)
AGHA 7.59 Decreased By ▼ -0.10 (-1.3%)
BECO 5.51 Increased By ▲ 0.27 (5.15%)
BML 59.08 Decreased By ▼ -1.14 (-1.89%)
BOP 34.11 Decreased By ▼ -1.17 (-3.32%)
CNERGY 12.84 Decreased By ▼ -0.29 (-2.21%)
CSIL 6.10 Decreased By ▼ -0.01 (-0.16%)
FCCL 57.66 Decreased By ▼ -0.31 (-0.53%)
FFL 16.20 Decreased By ▼ -0.22 (-1.34%)
FNEL 1.21 Increased By ▲ 0.01 (0.83%)
KEL 7.48 No Change ▼ 0.00 (0%)
KOSM 5.94 Decreased By ▼ -0.10 (-1.66%)
LOTCHEM 27.99 Increased By ▲ 0.24 (0.86%)
MLCF 100.65 Decreased By ▼ -2.33 (-2.26%)
NBP 203.75 Decreased By ▼ -2.29 (-1.11%)
NCPL 60.57 Decreased By ▼ -1.67 (-2.68%)
NPL 69.96 Decreased By ▼ -1.33 (-1.87%)
OGDC 320.29 Decreased By ▼ -3.49 (-1.08%)
PACE 11.10 Decreased By ▼ -0.41 (-3.56%)
PAEL 43.12 Decreased By ▼ -0.78 (-1.78%)
PIBTL 16.56 Decreased By ▼ -0.12 (-0.72%)
PPL 228.84 Decreased By ▼ -0.63 (-0.27%)
PRL 71.02 Increased By ▲ 0.91 (1.3%)
PTC 71.65 Decreased By ▼ -0.50 (-0.69%)
SSGC 26.68 Decreased By ▼ -0.43 (-1.59%)
TBL 9.81 Decreased By ▼ -0.05 (-0.51%)
TELE 8.61 Decreased By ▼ -0.11 (-1.26%)
TPL 22.24 Decreased By ▼ -0.38 (-1.68%)
TPLP 15.11 Decreased By ▼ -0.57 (-3.64%)
TREET 24.13 Decreased By ▼ -0.08 (-0.33%)
TRG 59.84 Decreased By ▼ -1.29 (-2.11%)

Rich countries have missed a UN deadline for outlining aid to help developing nations combat climate change. Among industrialised nations, only Russia and Ukraine sent letters to the United Nations by the May 1 deadline - only to say they did not feel obliged to contribute under a deal to provide almost $30 billion in initial "fast-start" climate funds from 2010-12.
The lack of response is a setback to the deal, under which aid is meant to rise to $100 billion a year by 2020. "There are too many empty multilateral accounts," said Colin Beck, representative of the Solomon Islands at the United Nations. "Developed countries continue to teeter in honouring even their modest commitments," said Clifford Polycarp, of the Washington-based World Resources Institute, which tracks climate aid pledges. At a meeting of almost 200 nations in Cancun, Mexico, in December, industrialised nations agreed to give details of their first fast-start funds by May 2011 as part of a wider deal that included a plan to set up a Green Climate Fund.
The website of the UN Climate Change Secretariat, which oversees commitments, only has letters from Moscow and Kiev. It spells out that it interprets "by May" to mean "by May 1". But deadlines set by UN agencies are often flexible and rich nations are expected to submit details soon, Polycarp said.
The cash is meant to help developing nations curb their rising greenhouse gas emissions and adapt to the impacts of climate change, ranging from more droughts to rising sea levels. But developed nations face problems in keeping pledges for 2010-12 aid, which now add up to about $30 billion. Japan is hardest hit, after the March earthquake and tsunami, while the United States and many others face budget cuts.

Copyright Reuters, 2011

Comments

Comments are closed for this article.