31 Oct 2009

EU agrees on climate funding deal

5:20 pm on 31 October 2009

European Union leaders have agreed on a common negotiating position for the United Nations climate summit in Copenhagen in December.

They say developing nations would need €100 billion ($US148 billion) per year by 2020 and would pay their "fair share", conditional on other nations.

This is expected to be €22 - 50 billion per year for the EU. The BBC reports details will be sorted out later by a working group. Initial funding will be voluntary.

Nine poorer members of the EU have threatened to block the deal unless richer nations contributed more to the overall sum.