Africa demands $500bn plus
01 December 2011, 09:48
Durban - The African Group at COP 17 in Durban says it needs $500bn to $600bn to finance its emissions reduction efforts and adaptation to climate change.
Group spokesperson Seyni Nafo told a briefing that African ministers had agreed to ask developed countries for an amount equivalent to 1.5% of developing countries’ GNP.
"We did a calculation; we need about $500bn to $600bn," he said.
This is five to six times more than the $100bn by 2020 agreed to at COP 16 in Cancun, Mexico, for the Green Climate Fund (GCF).
The fund - which observers believe will be formally established at the Durban summit - is aimed at helping poor countries finance emission reductions and adaptation.
Nafo described the GCF’s $100bn as a "symbolic political number".
It had "nothing to do with science or a rational and objective assessment".
He earlier told journalists that Africa had contributed the least to climate change, but was paying the highest price for its severe impact.
The African Group comprises 54 states, including South Africa.
Objections to the $100bn for the GCF were raised earlier this week by Canada and the United States, with both countries citing concerns about how the money would be raised.
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