Tough carbon cuts ‘key’ to climate fundingTough carbon cuts 'key' to climate funding. Norway's Prime Mininster Jens Stoltenberg led a UN-commissioned task force that has explored ways to raise $100 billion per year, agreed by most nations at the Copenhagen summit as a target for 2020. Many developing countries maintain the $100bn figure is not large enough.
The group - chaired by Mr Stoltenberg and Ethiopia's Prime Minister Meles Zenawi and called the High-level Advisory Group on Climate Change Financing - was commissioned by UN Secretary-General Ban Ki-moon to find ways of raising the money, given that public funding on this scale was unlikely to materialise.
Their report was formally presented to the UN climate summit in Cancun this week.