Report: US blocks key fund in climate agreement

November 25, 2011 04:36

LONDON - The US is refusing to sign a flagship global climate fund as negotiations intensify ahead of the UN climate summit next week, the Financial Times reported on Thursday.

It quoted US officials as saying the United States, backed by Saudi Arabia, had still not agreed to adopt a blueprint for the Green Climate Fund.

Countries agreed to create the fund last year to channel up to $100 billion a year by 2020 to help developing countries fight climate change and a UN committee completed the draft design of the fund at a meeting in South Africa in October.

Negotiators from around the world will consider the proposals at a climate summit in Durban from Nov. 28 to Dec. 9, as they try to agree on steps towards a global binding climate deal.

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