Fast-start finance key part of any balanced climate pact: India

"The world's economic machine, the world's preeminent power has committed 1.8 billion dollars in the first year (of a three-year commitment period of USD 30 billion) ...out of which 400 million gives export credit," Environment Minister Jairam Ramesh told reporters after here last evening for the climate talks.

"It is deeply deeply deeply disappointing," he said. "If the United States is going to commit just USD 1.8 billion in the first year it doesn't augur well for fast-start finance," Ramesh said.

The contentious climate meeting in Denmark last year yielded the non-binding Copenhagen Accord, which called for limiting rise of global temperature to 2 degrees, USD 100 billion in long-term finance to developing countries and USD 30 billion in short-term finance to the most vulnerable countries.

The Americans have said that they can only announce figures one year at a time since US Congress needs to approve the budget for every year.

Ramesh underlined that one of the reasons that the BASIC countries -- Brazil, India, China and South Africa -- had agreed to the Copenhagen Accord with the United States was the fast-start finance.

The BASIC countries, however, are not candidates for money but could still receive the funds through different bilateral deals and other schemes like the forest saving programme such as REDD+.

"The single biggest disappointment for me has been fast-start finance," Ramesh said.
"The only solid money we can have clarity on is the 4 million dollars that has been committed for the REDD+ Unless that is rectified it is unlikely we will get a balanced package (at the Cancun meet)," he saidRamesh also expressed concern over Japan's announcement that it will not be part of a potential second commitment period under the Kyoto Protocol after its first commitment period expires in 2012.

Under the first period, rich nations committed to cut emissions by an average 5 per cent over 1990 levels.Japan wants emerging economies like India and China to take legally binding emission cuts. Further, the US is also not part of the treaty, which only covers 27 per cent of global carbon emissions.

"I was quite taken aback by the uncharacteristically categorical statement of the Japanese on the Kyoto Protocol," Ramesh said.

The Indian minister, however, signalled optimism that some key decisions can be made in the week ahead.

"There have been some clouds but I'm sure in the next week, given the proactive approach on all sides, we will be able to arise at a set of operationally meaningful COP (Conference of Parties) decisions," he said."We are not anticipating any big agreements here."

Ramesh is also scheduled to meet US climate change envoy Todd Stern on the margins of the climate talks here