Kerry floats climate finance bill ahead of Copenhagen

Senate Foreign Relations Committee Chairman John Kerry (D-Mass.) today floated legislation to help developing nations combat global warming and adapt to climate change.

The plan comes days ahead of the Dec. 7-18 climate talks in Copenhagen, where nations will seek a broad political accord that includes commitments on billions of dollars in climate finance.

Kerry's bill, sponsored with several other committee Democrats, provides international aid for forest preservation and creates a new program to help deploy low-emissions energy technologies in developing nations. It also authorizes new adaptation aid.

Yvo de Boer, the top United Nations climate official, told reporters yesterday that a deal on near-term international financing is a key ingredient to reaching an international climate accord in Copenhagen. He said a pledge of $10 billion annually in the 2010-2012 period is needed.

Kerry's office said the bill serves as a "foundation" for the United States' international financial commitment.

Other provisions include creation of a new interagency board to coordinate U.S. international climate aid. The board would be required to establish a system to monitor the effectiveness of the aid.

The bill is intended to be committee's contribution to the sweeping climate and energy package that Senate Majority Leader Harry Reid (D-Nev.) hopes to bring to the floor next spring.

Negotiators in Copenhagen hope to reach a political agreement that launches quick actions to fight climate change, while completion of a binding, final treaty has been pushed into next year.