Share

Shipping may be source of climate funding

Durban - Revenue from emissions-cutting measures in the shipping industry might be directed to developing countries to help them tackle climate change, a draft document seen by Reuters showed at UN climate talks on Tuesday.

The text proposes that cash raised by “specific actions” to reduce emissions from maritime bunker fuels, which may be designed and implemented by the International Maritime Organisation, could be distributed to developing countries and used to finance climate adaptation through the so-called Green Climate Fund.

This is the first time a concrete source of funding has been proposed for the fund. Negotiators will discuss the proposal later on Tuesday.

Nearly 200 countries are meeting in Durban from November 28 to December 9 for a United Nations summit to try to hammer out a new global climate treaty.

The UN hopes delegates attending the global climate talks will agree on the design of the Green Climate Fund, which aims to channel up to $100bn a year by 2020 to countries most at risk from the effects of climate change, such as rising sea levels and temperatures and crop failure.

Concrete progress on funding would help revive the flagging talks, hampered by rifts between countries on the form of a new global pact.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.2%
Rand - Pound
24.06
+0.2%
Rand - Euro
20.57
+0.1%
Rand - Aus dollar
12.35
+0.6%
Rand - Yen
0.13
+0.8%
Platinum
900.98
-0.2%
Palladium
1,000.76
-0.5%
Gold
2,153.55
-0.3%
Silver
24.91
-0.5%
Brent Crude
86.89
+1.8%
Top 40
65,669
-0.9%
All Share
71,900
-0.7%
Resource 10
52,931
-0.7%
Industrial 25
99,286
-1.2%
Financial 15
16,575
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders