Shipping revenue may be source of climate funding: U.N. draft

Reuters News
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Posted: Dec 06, 2011 4:23 AM

By Nina Chestney

DURBAN, South Africa (Reuters) - Revenue from emissions-cutting measures in the shipping industry might be directed to developing countries to help them tackle climate change, a draft document seen by Reuters showed at U.N. climate talks on Tuesday.

The text proposes that cash raised by "specific actions" to reduce emissions from maritime bunker fuels, which may be designed and implemented by the International Maritime Organization, could be distributed to developing countries and used to finance climate adaptation through the so-called Green Climate Fund.

This is the first time a concrete source of funding has been proposed for the fund.

Negotiators will discuss the proposal later on Tuesday.

Nearly 200 countries are meeting in Durban from November 28 to December 9 for a United Nations summit to try to hammer out a new global climate treaty.

The United Nations hopes delegates attending the global climate talks will agree on the design of the Green Climate Fund, which aims to channel up to $100 billion a year by 2020 to countries most at risk from the effects of climate change, such as rising sea levels and temperatures and crop failure.

Concrete progress on funding would help revive the flagging talks, hampered by rifts between countries on the form of a new global pact.

(Editing by Tim Pearce)