UN chief urges developed countries to commit 100 bln USD per year to climate financing

UN Secretary-General Ban Ki- moon on Monday urged developed countries to create a credible plan to commit 100 billion U.S. dollars per year by 2020 to support developing countries to adapt to climate change.

"I strongly urge developed countries to provide a politically credible trajectory for mobilizing 100 billion dollars per year by 2020 to support developing countries in curbing emissions and strengthening their resilience," Ban said at a high-level event on climate change.

The UN chief said he would "proactively engage with leaders from both the global north and south to make sure this goal is met and is considered credible by all."

He expressed disappointment with what he called the "snail's pace" of climate negotiations currently taking place in the lead up to the United Nations Framework Convention on Climate Change meeting set to take place in Paris on Dec. 7-8.

"I really count on leaders, presidents, prime ministers and ministers to exercise their political direction so that this negotiation will move much faster," Ban said.

Meanwhile, the UN chief also provided positive examples of progress made on climate change worldwide.

"Since 2009, the number of national climate laws and policies has nearly doubled, with three-quarters of the world's annual emissions now covered by national targets," Ban said, adding "The world's three biggest economies -- China, the European Union and the United States -- have placed their bets on low-carbon, climate- resilient growth."

According to the secretary-general, more renewable energy is being used and that the price of renewable energy is falling dramatically.

"The world is now using more renewable electric power each year than it is from coal, natural gas and oil put together," he said.

The United Nations hopes that the international community will together deliver a new, ambitious and universally binding climate agreement in Paris in December. Endite