IMF plans kitty to help poor countries mitigate climate impact
Agencies DAVOS

China hit back at the US yesterday for belittling its commitment to tackling climate change as negotiations in Copenhagen on reaching a new agreement on global warming moved into a higher gear.

On the fifth day of talks, the United Nations published an official draft text from which countries are expected to produce an agreement next week.

George Soros, the billionaire financier, unveiled a plan yesterday to lend poor countries $100bn to deal with the threat of climate change.

The money would come from the International Monetary Fund, from financial instruments known as special drawing rights.

China will receive no significant funding from the US to combat climate change, the US delegation leader at the Copenhagen conference vowed yesterday.
The statement, which shocked many negotiators, was part of a broader US attack on China and other developing countries for not promising deeper concessions to reduce greenhouse gas emissions.