The conference in Paris was, officially, supposed to end Friday. A final draft accord was supposed to be produced by 6 AM Friday morning, Paris time. It’s well past that time, and nobody seems to be reporting on the existence of a true final draft. Earlier drafts have appeared throughout the week, with sections still in dispute appearing in brackets.
Having surfed to top news sources like CNN and Washington Post, I saw at the moment nothing on their front pages about the topic. Elsewhere I’m finding things like this and this, both saying that the deal may be on the rocks. According to them, John Kerry, who represents the USA, is not a happy camper and has been threatening to walk out.
The issue is finance. All drafts agree that developed (i.e. rich) countries will pay a lot of money to developing (i.e. poor) countries. But there seem to be some disputes. First of all, how much money? The developed countries are offering $100 billion per years starting in 2020, growing after that. The developed countries seem to have larger figures in mind. “The Times (London) is reporting that poor country negotiators have demanded behind closed doors that rich country governments hand over $3.5 trillion in climate finance, or they will refuse to accept the Paris accord.” It’s unclear whether they’re demanding that $3.5 trillion would be over one year or a longer period, but either way, they’re demanding a ton of money.
Second question, will the handover of money be legally binding? What would that even mean, given that there’s no international organization capable of enforcing such a thing? Anyway, the developing countries seem to like legally binding. Kerry isn’t a fan.
Third, what counts as paying money? The developed countries want private investment, loans, and so forth to count as part of the money they pay. If this is done, such things would account for a significant portion of the $100 billion figure already. Developing countries want to be absolutely sure that whatever figure is agreed upon, is paid out on top of any amount of money already coming to them from developed countries.
Negotiations seem to be continuing past the deadline.