Kerry floats climate finance bill ahead of Copenhagen

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 ReidHarry Mason ReidTrump presses GOP to change Senate rules Only thing Defense’s UFO probe proves is power of political favors Nevada Democrat accused of sexual harassment reconsiders retirement: report MORE (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.