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EU strikes climate funding deal EU strikes climate funding deal
(10 minutes later)
The EU has agreed a conditional deal on how much it will pay to help other countries fight global warming, ahead of a key climate summit in December.The EU has agreed a conditional deal on how much it will pay to help other countries fight global warming, ahead of a key climate summit in December.
The EU agreed climate change would need 100bn euros annually by 2020 and that it would pay 22bn to 50bn euros a year, conditional on other nations' actions. The EU agreed climate change would need 100bn euros ($148bn; £90bn) a year by 2020, and would pay up to 50bn euros a year, conditional on other nations.
UK PM Gordon Brown said the EU was leading the way with bold proposals.UK PM Gordon Brown said the EU was leading the way with bold proposals.
Talks at the EU summit in Brussels had been deadlocked over how EU nations would share its costs.Talks at the EU summit in Brussels had been deadlocked over how EU nations would share its costs.
No cost targets for individual EU nations were announced. A coalition of nine poorer EU nations had threatened to block a deal unless richer countries paid more.
But European Commission President Jose Manuel Barroso said the agreement was "an important breakthrough that brings new momentum". No cost targets for individual EU nations were announced and the initial funding will be voluntary.
Details of how the burden will be shared will be sorted out later by a working group.
'New momentum'
Mr Brown said the EU climate discussions had been a success.
"We were aware that if the European Union did not come together to solve some of the impasses, the possibility of a deal at the Copenhagen summit would be a lot less likely."
He said: "The EU is leading the way with bold proposals - do not allow years to go by without action."
Mr Brown also announced a "fast track" scheme to reduce carbon emissions.
This would come in soon after the Copenhagen summit and would cost 5bn to 7bn euros immediately, to come from all richer countries.
He insisted that all these funding targets would be conditional on other richer countries making funding offers and on developing countries showing how they would spend the money.
European Commission President Jose Manuel Barroso said the agreement was "an important breakthrough that brings new momentum".
He said the EU nations had "agreed a negotiating mandate" for the Copenhagen climate talks.He said the EU nations had "agreed a negotiating mandate" for the Copenhagen climate talks.