Climate summit in Lima reaches standstill as developing nations reject draft deal

Image
ANI Johannesburg
Last Updated : Dec 14 2014 | 11:35 AM IST

Climate summit in Lima has reached a standstill as developing nations rejected a draft deal saying that it would make rich nations avoid responsibilities to fight global warming and pay for its impact.

Chinese negotiator Liu Zhenmin said, siding with Malaysia and other developing nations that rejected the draft decision, that they have "deadlocked", reported News24.

U.S. representative Todd Stern said that failure to reach a decision will be seen as a "breakdown".

Developing nations argued that they needed to see greater commitments from the industrialized countries that they would provide the money to fight climate change.

Rich nations including the U.S. only want to commit to cuts in carbon but developing countries wanted those commitments to include finances for climate change.

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Dec 14 2014 | 11:23 AM IST

Next Story