China Perspective

Details of the climate fund to be decided at Cancun

By Li Jing (chinadaily.com.cn)
Updated: 2010-10-05 12:07

TIANJIN - China expects the "clarified, detailed and feasible" arrangement of the $30 billion fast-start climate fund to be finalized at the year-end Cancun summit, Su Wei, the country's chief climate negotiator, said on Tuesday.

The money should be "new and extra" to the existing fund from rich countries to developing nations in the Overseas Development Assistance (ODA) program, Su told a small group of journalists at the sidelines of the Tianjin climate meeting.

"You can't simply fill the new bottle with old wine," Su said, adding that the re-labeling tactics by some developed countries are not in line with the rules set in the negotiation principles under the UN Framework Convention on Climate Change (UNFCCC).

Developed countries agreed in the Copenhagen Accord to set up a $30 billion climate fund between 2010 and 2012.

It is not clear yet how much money has arrived under the fund, said Su, urging all governments to move quickly to decide on how to raise, use and manage the fund.

"China holds that an inclusive governing body under the UNFCCC should be built to manage the fund," he said.