At Copenhagen, Billions Promised for Climate Change

The Copenhagen climate summit has ended with pledges in billions of dollars to help poor nations cope with global warming,

reports.

Rich governments agreed to provide USD30 billion in emergency climate aid over the next three years, with the goal of increasing the assistance to USD100 billion per year by 2020.

But the two-week discussions came out with no mandatory targets and accompanying sanctions.  United Nations climate chief Yvo de Boer called the deal "impressive" but one that is not legally binding.

"The deal is a triumph of spin over substance," said Oxfam International Executive Director Jeremy Hobbs. "It recognizes the need to keep warming below 2 degrees but does not commit to do so. It kicks back the big decisions on emissions cuts and fudges the issue of climate cash."

About the author

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    Eliza Villarino

    Eliza Villarino is an associate editor for Devex and leads the company's news team in Manila. She played a critical role in conceptualizing the Development Newswire. Prior to joining Devex in 2004, she has already published articles and news briefs for Internet media organizations and for the Institute for Ethics and Economic Policy at Fordham University in New York. She earned her bachelor's in political science and master's in public affairs from the University of the Philippines. Eliza is a member of Mensa Philippines.