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Friday, December 11, 2009

COP-15: $10 Billion for Adaptation

COP-15: The EU has pledged 7.2 billion euros (US$10.8 billion) over the next three years to assist developing nations with addressing climate change. The pledge will help address part of the UN request for US$30 billion in immediate funding to aid developing nations, but there is clearly a significant shortfall yet to be satisfied. Furthermore, if the world has trouble pulling $30 billion together to address immediate needs, one wonders whether developed nations will ever find the will to help fund the $100-150 billion in adaptation assistance that it's estimated the developing world will need by 2030.

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