U.N. climate summit stablishes objectives to use clean energy and help developing countries

A United Nations summit on climate change agreed on Tuesday to widen the use of renewable energy and raise billions of dollars in aid for developing countries in an effort to increase the prospects for a wide-ranging deal to slow global warming.

The one-day summit set goals to halt losses of tropical forests by 2030, improve food production and hike the share of electric vehicles in cities to 30 percent of new vehicle sales by 2030.

Specifically, governments and investors said they would raise more than $200 billion (122 billion pounds) in climate financing by the end of 2015, including $30 billion in green bonds by commercial banks and $100 billion from a group of development banks. “This will serve as a catalyst in finalising a universal and meaningful agreement at Paris on climate change in 2015,” U.N. Secretary-General Ban Ki-moon said of the cash.

The United Nations said in a statement that pledges of financial support would give a “significant boost” to a promise by rich nations in 2009 to raise $100 billion a year by 2020 from all sources to help poor countries shift to renewable energy and adapt to heatwaves, droughts and rising seas.

“The actions agreed today will reduce poverty, enhance food security, improve the rule of law, secure the rights of indigenous peoples and benefit communities around the world,” Ban said.

Among initiatives to curb the use of fossil fuel, one project would raise the share of renewable energy used in power generation in 19 countries in eastern and southern Africa to 40 percent by 2030 from 10 percent.

Separately, an alliance of about 30 countries including the United States and a coalition of multinational companies set a goal of halving losses of forests by 2020.

ALLCOT