As the conference moves into day-5, the rift between the rich and developing countries grew even more with war of words. Day 4 of the conference ended without reaching a consensus on the fund figure which EU leaders wish to contribute to developing countries.
Hence on day 5 the 27 EU leaders agreed to provide 2.4 billion euro a year until 2012. This will enable developing countries to reduce their emissions by 2012. Britain, France and Germany will contribute about 60 % of the amount.
A key working group under UNFCCC (UN framework convention on climate change) came up with a first official draft on climate deal Friday, which forms the new global agreement once the Kyoto protocol expires in 2012. According to this draft, the world should cut at least 50% of greenhouse emission by 2050.
Russia, one of the fastest growing economies of the last decade said that Russia is emitting 34% less emissions than in 1990 Kyoto protocol goal. Alexander Bedritsky, Russian advisor also mentioned that they had no plans to sell carbon credits and hope that they will be allowed to carry them in next agreement.
The war of words between the world’s two biggest greenhouse polluters, china and USA, intensified on day 5 with China’s Vice Foreign Minister He Yafei said that he was shocked by US climate envoy Todd Stern's comments that USA will not help China with climate aid money.
The G-77 negotiator, Lumumba Stanislaus Di-Aiping for 130 countries walked out of a meeting with UN representatives in anger replying that things were not going too well.