COP21 and the Debate over Money

Money remains a main sticking point at the COP21. With Friday’s deadline fast approaching, giving world leaders until then to come up with an agreement; it has become apparent that where financial burdens will fall is the most momentous dispute.   India’s environmental minister, Prakash Javadekar addressed the summit stating, “It is imperative that the developed countries, who have the historical responsibility and also the larger capability, must take the visible lead in cutting emission and providing financial and technological support to the developing world.”   China, being one of the world’s largest economies, felt that developing countries should contribute on a “voluntary basis” —- China’s chief climate negotiator, Xie Zhenhua also added that China should be added into that group.   The Organization for Economic Cooperation and Development, a research organization based in Paris, has established that developed countries have already raised $62 billion of the $100 billion in annual financing by 2020 that was pledged at the last major climate summit, in Copenhagen in 2009. Due to this finding, developed countries find it only fair that developing countries share in the responsibility of coming up with the rest.   It’s clear that while this is a strong debatable subject, world leaders from developed and developing countries are still trying to formulate an agreement that suits everyone. With the final days approaching, and negotiators already pulling all-night sessions the world continues to watch and wait in hopes that a real move to battle climate change results from an agreement that is hopefully devised by Friday, the conclusion of the COP21.

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