By Ben Geman - 12/03/09 09:46 PM EST
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.