New funding model

COPENHAGEN: Norway and Mexico on Saturday launched a joint model for climate funding, the Norwegian government said.

The model, which seeks to set up a Green Fund for financing climate actions in developing countries, will be built on contributions from public budgets and auctions of UN allowances. The fund is set to start with about $10 billion in 2013 and expected to reach $30 billion to $40 billion by 2020. The joint model defined that the most vulnerable countries, along with the least developed countries and small island developing countries, will be given priority for fundings.

Xinhua