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Climate Convention allocates $100 billion to developing countries

French foreign Minister Laurent Fabius presented on 12 December, the draft Convention that emerged during the Paris conference on climate change. The event was attended by representatives from 195 countries.

Laurent Fabius said that the Convention aims to limit global warming to 2-1,5 degrees Celsius by reducing emissions of greenhouse gases, gave to Reuters news Agency.

The French Minister stated that the Convention «ambitious, balanced, fair and binding from a legal point of view».

Every five years a special Commission will examine the progress of individual countries to fulfil commitments.

Developing countries will receive assistance in the amount of $ 100 billion under this program for funding environmental initiatives. Starting in 2020, this amount will be collected annually.

The draft Convention should be approved at the plenary session later on 12 December.

Climate Convention allocates $100 billion to developing countries 12.12.2015

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