LE BOURGET, France: These are highlights of day three of UN climate talks in Paris, where 195 nations are battling for a deal to protect humanity from a global warming disaster:
France’s Foreign Minister, Laurent Fabius, urged negotiators to hurry up as participants reported frustration with the pace of negotiations, with a December 11 deadline looming.
“My message is clear: we must accelerate the process because there is still a lot of work to do,” said Fabius, who is presiding over the talks.
A European negotiator said there was “growing frustration” with the “very slow” pace of work. But UN climate chief Christiana Figueres cautioned against despair: “It is a legally binding text and needs to be reviewed very, very carefully.”
Money, money, money:
Developing countries said the talks risk foundering without finance commitments from rich nations to help them shift to cleaner, but more expensive, energy sources.
“The Paris outcome must provide clarity on the level of financial support that will be provided by developed country parties,” the G77 and China group of 134 developing nations said in a statement to the 195-nation climate forum.
It called for a “substantial scaling up of finance” over the $100 billion (94 billion euros) a year that rich countries had promised to muster from 2020.
Fossil fuel divestments:
Climate campaigners say institutional investors are fleeing fossil fuels even as many major banks continue to pour money into coal.
The number of universities, governments and investment funds that have said they will drop at least some fossil fuels from their portfolios has risen to more than 500 from 181 in a little over a year, said a report by 350.org.