A concrete source of climate fund has been raised in a U.N. text for the first time, suggesting raising money by capping emissions from the shipping sector to help developing countries tackle climate change.
|Tim Gore, policy advisor for Oxfam [File photo]|
Tim Gore, policy advisor for Oxfam, said: "Delegates are starting to see that international shipping is the most promising new source of finance for the Green Climate Fund."
"Support for this proposal is coming from a growing number of developing and developed countries, but it will be for ministers to decide if a deal can be cut here in Durban."
The draft did not define whether revenues would be raised by a levy.
"We cannot allow the Fund to kick-off as an empty shell. It is essential that negotiators defend this text and ensure it is part of a final package at the end of the week," said Gore.
International shipping accounts for around 3.3 percent of the world's man-made carbon dioxide emissions and could grow by 150 to 250 percent by 2050 if regulation is not in place.
Last month, campaign groups Oxfam and WWF urged a carbon price of $25 per ton should be applied to shipping fuel (known as bunker fuel) to help cut emissions and generate $25 billion a year by 2020.