UPDATE 2-Shipping cash may help fund climate-draft - Reuters

 Posted - Tue Dec 6, 2011 7:55am EST - By Nina Chestney - Reuters

DURBAN, South Africa, Dec 6 (Reuters) - Cash raised by the shipping industry's efforts to cut carbon emissions might be directed to developing countries to help them tackle climate change, according to a draft document seen by Reuters at United Nations climate talks on Tuesday.
The text proposes that money raised by "specific actions" to reduce emissions from maritime bunker fuels, which may be designed and implemented by the International Maritime Organization (IMO), could be directed to developing countries and used to aid climate adaptation through a Green Climate Fund.
Negotiators will discuss the proposal, which was put forward by developing countries, on Tuesday.
Several delegates at a U.N. climate summit in Durban doubted there would be agreement on it, expecting any final deal at the end of the week would be worded vaguely.
Clarity on sources of climate funding could help revive the flagging U.N. talks, which end this weekend, where nearly 200 countries are trying to make progress towards clinching a new global climate treaty.
"I don't expect any clear outcome but if something stays in the text, it would be a big step in a small way," said Bas Eickhout, European Member of Parliament.
"Everything boils down to where is the money? I think that the entire financial decision is going to be a big deal in Rio," he added, referring to a U.N. conference on sustainable development in June next year.


Complete Post at:
http://www.reuters.com/article/2011/12/06/climate-maritime-idUSL5E7N61DS20111206