U.S. Pledges to Contribute to $100 Billion Climate Aid Fund

Excitement is running through the corridors here at the Copenhagen climate change conference because Secretary of State Hillary Clinton has pledged that the U.S. will contribute to a fund that would disburse $100 billion in yearly climate aid to poor countries by 2020.

At a press conference just now, UNFCCC executive secretary Yvo de Boer welcomed the announcement, adding, however, that he is eager to know just how much the U.S. would be contributing to the fund.

The AP reports:

Clinton says that the financing is contingent on world leaders reaching a broader climate pact at the U.N. talks in Copenhagen.

She says the deal must include all major economies, meaningful actions to cut greenhouse gas emissions and a system to ensure all parties' actions are transparent.

On the point that whatever deal is reached in Copenhagen must include all major economies, China and other countries have made it clear that they will not commit to legally binding targets nor to independent auditing. The U.S. says that it can accept nothing less. Who will blink? Stay tuned.

The conference is scheduled to conclude on Friday, but everyone here expects to be here late on Saturday.