$100bn for climate fund necessary

2011-12-07 19:06

Durban - UN secretary general Ban Ki-moon says raising billions of dollars to fight climate change is a necessity, not a luxury, even in financially hard times.

Mobilising $100bn a year, much of it to be channeled through a new Green Climate Fund, is a central issue at the 194-nation UN climate conference being held in South Africa's coastal city of Durban.

Ban said on Wednesday that while many countries are tightening budgets, contributing money to fight climate change is "an imperative. We have to do it".

The United States has blocked suggestions of a levy on international shipping and aviation. It opposes suggestions by a high-ranking panel to impose a tax of $25 for every ton of carbon emissions.

US lead negotiator Todd Stern said on Wednesday that most of the money for green projects should come from private investments.

Read more on:    ban ki-moon  |  durban  |  climate change  |  cop 17
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