Nine developed countries attending the Sixth Conference of the Parties to the U.N. Framework Convention on Climate Change (COP6) being held here proposed Wednesday a new framework for funding developing nations.
The plan, put forward by countries including Japan and the United States, called for $1 billion in funding for developing countries, sources close to conference negotiators said.
Funding for poor states is vital to the success of COP6, as they have been calling for various climate funds and programs while members of the Organization of Petroleum Exporting Countries have been urging action to make up for a possible decrease in their oil sales caused by measures to combat global warming.
Under the framework convention, parties accepted their responsibility to help least-developed countries, small island states and other vulnerable areas to cope with climate change. An agreement on financial and technological cooperation will be required to achieve the commitment. But even though many basic agreements were made last week in the area of capacity-building for developing nations, the issue of financial support remains unsettled.