Paris Climate Deal Calls for America to Transfer Wealth to ‘Developing’ Countries

“Developed country Parties shall provide financial resources to assist developing country Parties with respect to both mitigation and adaptation in continuation of their existing obligations under the Convention,” says Article 9 of the draft agreement.

 

“As part of a global effort, developed country Parties should continue to take the lead in mobilizing climate finance from a wide variety of sources, instruments and channels, noting the significant role of public funds,” says the draft.

 

The draft agreement sets a goal for developed countries to dole out at least $100 billion per year by 2020.

 

The agreement at one point says: “Resolves to enhance the provision of urgent and adequate finance, technology and capacity-building support by developed country Parties in order to enhance the level of ambition of pre-2020 action by Parties, and in this regard strongly urges developed country Parties to scale up their level of financial support, with a concrete roadmap to achieve the goal of jointly providing USD 100 billion annually by 2020 for mitigation and adaptation while significantly increasing adaptation finance from current levels and to further provide appropriate technology and capacity-building support.”

 

Read More: Paris Climate Deal Calls for America to Transfer Wealth to ‘Developing’ Countries – Minutemen News