Financial assistance to developing countries to reduce emissions will be essential to any climate treaty but Gordon Brown's proposed US$100 billion fund falls way short of what's needed, Australian Greens Leader Bob Brown said today.
"Kevin Rudd's 5% target will undermine efforts to reach a strong global agreement at Copenhagen," Senator Brown said.
"Just as the emission reduction targets being touted by the rich nations, including Australia fall short of what is required, so too does Gordon Brown's suggestion that the rich nations transfer US$100 billion to poor nations.
"The gap between what the rich nations are willing to offer and what the science and developing nations demand continues to grow."
Senator Brown said an International Financing Mechanism - to assist developing nations to use 'clean' technology and to compensate poor nations - is recognised as one to the key pillars of a climate treaty.
"The Greens believe that industrialised nations should be reducing emissions by between 25 and 40 per cent, as agreed at the Bali conference two years ago," Senator Brown said