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A Reader's Guide to the Paris Agreement
The problem: Surprise, surprise: “Climate finance”—that is, who gets money, and who gives it—was one of the most controversial issue at the Paris talks.
In order to salvage the 2009 climate talks in Copenhagen, Hillary Clinton, then the U.S. secretary of state, pledged that the rich world would “mobilize” $100 billion to help developing countries make their economies more sustainable and prepare for the storms to come. The key word was mobilize: Unlike traditional foreign aid, where government money is redirected to poorer countries or aid organizations working there, the U.S. and the EU would arrange for billions to flow from a variety of sources, public and private.
Would that count? And would the rich world be defined strictly as the U.S., the EU, Canada, and Japan? The United States preferred for China and India—two wealthy, powerful nations that also contain hundreds of millions of people still in poverty—to pitch into that $100 billion target. Yet even as those two Asian nations talked up their own investment in climate-vulnerable nations, they blanched at being compelled to join the rich world’s pledge.
The problem: Surprise, surprise: “Climate finance”—that is, who gets money, and who gives it—was one of the most controversial issue at the Paris talks.
In order to salvage the 2009 climate talks in Copenhagen, Hillary Clinton, then the U.S. secretary of state, pledged that the rich world would “mobilize” $100 billion to help developing countries make their economies more sustainable and prepare for the storms to come. The key word was mobilize: Unlike traditional foreign aid, where government money is redirected to poorer countries or aid organizations working there, the U.S. and the EU would arrange for billions to flow from a variety of sources, public and private.
Would that count? And would the rich world be defined strictly as the U.S., the EU, Canada, and Japan? The United States preferred for China and India—two wealthy, powerful nations that also contain hundreds of millions of people still in poverty—to pitch into that $100 billion target. Yet even as those two Asian nations talked up their own investment in climate-vulnerable nations, they blanched at being compelled to join the rich world’s pledge.