The Latest: Gabonese minister says US, EU holding talks back

Its too complicated. White said rich countries are reluctant to create a new fund, and developing nations feel that existing climate finance mechanisms are already overstretched. The U.S. is reluctant to give money for adapting to climate finance, and want it to be purely voluntary. White added that the EU is supporting the American stance.

Climate talks in Glasgow are at a “bit of a stalemate” and the United States, with support from the European Union, is holding back talks, according to Lee White, the Gabonese minister for forests and climate change.

White said Friday there's a lack of trust between rich and poor nations over payments from rich countries to the poor for damage from the worst effects of global warming, funds for adapting to climate change and carbon markets.

Developing nations went to a meeting Thursday thinking they had come to an agreement to create an independent fund for loss and damage finance.

But Gabon's White said rich countries weren't ready and felt that they hadn't been consulted enough. “They said, we never agreed to that. It won't work. It's too complicated.” White said rich countries are reluctant to create a new fund, and developing nations feel that existing climate finance mechanisms are already overstretched. “So, we're at a bit of a stalemate ... The U.S. is reluctant to give money for adapting to climate finance, and want it to be purely voluntary.” White added that the EU is supporting the American stance.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)