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Talks stumble amid rising frustration over ‘ridiculously low’ cash commitments offered by rich nations to help pay for emissions cuts Climate talks in Lima ran into extra time amid rising frustration from developing countries at the “ridiculously low” commitments from rich countries to help pay for cuts in greenhouse gas emissions.

The talks – originally scheduled to wrap up at 12pm after 10 days – are now expected to run well into Saturday , as negotiators huddle over a new draft text many glimpsed for the first time only morning.

The Lima negotiations began on a buoyant note after the US, China and the EU came forward with new commitments to cut carbon pollution. But they were soon brought back down to earth over the perennial divide between rich and poor countries in the negotiations: how should countries share the burden for cutting greenhouse gas emissions, and who should pay?

The talks were designed to draft a blueprint for a global deal to fight climate change, due to be adopted in Paris late next year. But developing countries argued that before signing on they needed to see greater commitments that the industrialised countries would keep to their end of a bargain to provide the money needed to fight climate change. After 10 days of talks, developing countries argued that those assurances were not strong enough.

By midweek, a little over $10bn had been raised for a green climate fund, intended to help poor countries invest in clean energy technology. That was below the initial target of $15bn and many of those funds will be distributed over several years………http://www.theguardian.com/environment/2014/dec/12/lima-climate-change-talks-stumble-cash-emissions-cuts