The European Union is to offer €15bn a year to help poor countries cope with the effects of climate change, it has been revealed.
The sum will be seen as modest by poorer countries who would like to see more investment and support to help adapt to climate change targets, which will be thrashed out at the Copenhagen conference in December.
The European Commission figures emerged as European ministers raised concerns about climate talks progress, writes the Financial Times.
David Miliband, UK foreign secretary, warned there was a “real danger” that the Copenhagen talks would “not reach a positive outcome”.
Connie Hedegaard, the Danish minister hosting the Copenhagen conference, said in Aberdeen that the negotiations were “definitely moving too slow”, writes the paper.
Hedegaard said that although there had been some significant political progress, such as the commitment by Japan's new government to cut emissions by 25% from 1990 levels by 2020, it was not being matched in the formal negotiations.
The Commission’s proposal, overseen by the European environment commissioner, Stavros Dimas, aims to break an impasse between developed and developing countries.
According to the Commission the total climate change needs of developing countries totals about €100bn per year by 2020. Up to half of that would be covered by governments, according to the proposal, with EU member states covering up to 30%, or €15bn, and the US contributing up to 24%, or €12bn.
The EU hopes the other half would be covered by the private sector.