The United States announced today that it will work with other rich nations to raise $100 billion in climate change financing by 2020 for developing countries.
The long-term financing would come "from a wide variety of sources," Secretary of State Hillary Clinton announced, and would be mainly focused on forestry and adaptation "for the poorest and most vulnerable among us."
The U.S. declaration came amid deadlocked climate talks in the Danish capital. The talks have been stalled between rich and developing countries over greenhouse gas emission cuts and aid to poor countries most affected by climate change.
The Associated Press reports that Clinton said the U.S. contribution was contingent on world leaders reaching a broader climate pact at the United Nations talks in Copenhagen. That deal would have to include a system for ensuring that pledges to cut carbon emissions are fulfilled, a demand that China staunchly opposes because it says its climate targets are voluntary. A similar demand was made by Japan when it announced Wednesday that it would provide $15 billion in public and private money by 2012 for developing countries.
Clinton urged all sides to seek common ground in the final stretch of negotiations. "I understand that the talks have been difficult. And we will continue doing all that we can do. But the time is at hand for all countries to find common ground."