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United States Commits to Funding

December 17, 2009 3:45 PM | Posted by max.zygmont@alston.com | Topic(s): International Policy/Programs, Business Initiatives, Energy Policy

As the international climate change talks in Copenhagen began slow over the issues of financing for and commitments by developing countries, the United States made a move that may help end the stalemate.  U.S. Secretary of State Hillary Clinton gave a speech committing the United States to contributing, in some form or fashion, $100 billion per year by 2020 to support developing countries' efforts to reduce emissions.  The commitment is contingent on major developing countries—likely including India, China, and others—agreeing to reduce their greenhouse gas emissions.  She said, “We expect this funding will come from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance.”  She concluded by saying, “We must try to overcome the obstacles [to reaching an agreement] that remain. We must not only seize this moment, but raise our oars together and row in the same direction toward our common destination and destiny. And the United States is ready to do our part. Thank you.”