March 06, 2009

Industry should be the main source of money for a climate fund to coax the world's poorest nations into a global deal to tackle climate change in December, a draft report for a European finance ministers meeting said.The draft report for the meeting on March 10 also warned against creating new mechanisms to deal with the climate issue, alarming environmentalists who say fresh tools are vital.

Success at the Copenhagen talks to find a successor to the Kyoto protocol -- the U.N.'s main tool against global warming -- will largely hinge on whether funding can be found to persuade poor nations to help tackle the problem.They blame rich countries for causing climate change and say they do not do enough to help the poor adapt to its impacts, by means such as creating crops that are resistant to drought or floods and helping build barriers to rising sea levels.