Copenhagen, 11 Decebemr 2009 

The European Union's decision to fund 7.2 billion euros for tackling global warming during the next three years is “hugely encouraging” for the climate conference process, says UN climate chief Yvo de Boer. 

The lack of clarity on short-term financing for tackling global warming in developing countries has been holding back the process at climate negotiations in Copenhagen, according to UN climate chief Yvo de Boer. That is why the EU decision late Thursday to fund 7.2 billion euros (10.8 billion dollars) during the next three years is a major boost to the talks, de Boer said on Friday. 

“The fact that Europe is going to put a figure on the table will, I think, be hugely encouraging to the process,” said de Boer, quoted by AFP.

The EU funding accounts for a third of the total 30 billion dollars that the UN estimates is needed for the period. President Barack Obama said last week that the US was ready to pay a “fair share” of that amount.

On Friday, Yvo de Boer hinted at the need for other rich countries to come up with funding. 

“We will then have to see what other rich countries put on the table to match that sum,” Yvo de Boer said, according to the Washington Post.

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