Countries squabble over UN green fund | world | Hindustan Times
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Countries squabble over UN green fund

world Updated: Nov 04, 2011 23:34 IST
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Countries are still squabbling over how much power a United Nations fund will have to help developing countries tackle climate change, just weeks ahead of a crunch summit in South Africa to work on a global climate deal, an EU negotiator said.

Last year, countries agreed to create the “Green Climate Fund” to channel up to $100 billion (62 billion pounds) a year by 2020 to help developing countries fight climate change.

The US and Saudi Arabia have raised some objections to aspects of the fund’s design, Laurence Graff, head of the international and inter-institutional relations unit at the EU Commission, told reporters.

“The nature of these objections - whether they are serious concerns - remains to be seen,” Graff said.

The United States and some other nations want the World Bank to have a central role in managing the fund but some developing countries and environmentalists are against, arguing that it does not have the right environmental credentials.