A draft climate pact unveiled on Friday revived hopes that U.N. talks might be able to pin down an international deal to fight global warming, but developing nations said they needed more cash from the rich. With less than a week until more than 110 world leaders descend on the talks, the proposal would at least halve global emissions by 2050 seeking to bridge some of the long-standing rifts between rich and poor nations.
A draft climate pact unveiled on Friday revived hopes that U.N. talks might be able to pin down an international deal to fight global warming, but developing nations said they needed more cash from the rich.
With less than a week until more than 110 world leaders descend on the talks, the proposal would at least halve global emissions by 2050 seeking to bridge some of the long-standing rifts between rich and poor nations.
A European Union offer of 7.3 billion euros ($10.8 billion) of climate aid over the next three years was welcomed by the United Nations and the Danish hosts of the December 7-18 talks in Copenhagen.
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The documents propose a global emissions goal for 2050, a target developing countries have opposed in the past, and omits figures for how many billions of dollars rich nations should give poorer ones to help them tackle climate change.
The text is also vague on when greenhouse gas emissions should peak.
China, now the world's largest emitter, said rich nations needed to provide long-term cash if they wanted the developing world to agree long-term emissions goals.
"I doubt the sincerity of developed countries in their commitment. Why are they not talking about a commitment of providing funds through 2050? That will make them credible when they are asking for an emissions reduction by 2050," said Vice-Foreign Minister He Yafei.
African nations said they were still considering the draft, but were also unhappy about financing.
The draft text covers both an extension of the existing U.N. Kyoto Protocol, whose first phase ends in 2012, and a parallel track of talks which draws in those outside Kyoto, including the United States.
The text offers a range for global cuts in greenhouse gas emissions, mainly from burning fossil fuels, of at least 50 percent by 2050 from 1990 levels.
Developing nations led by China and India have in the past rejected signing up for a halving of world emissions by 2050 without more stringent short-term goals for developed nations.
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