UK Energy and Climate Change Secretary Ed Davey called on more countries to bring forward fair and ambitious climate finance and carbon cuts to keep up momentum for a 2015 global climate deal, as he arrived at the COP 20 talks in Lima today.

The UK championed the EU carbon reduction agreement of at least 40 per cent by 2030, which remains the most ambitious in the world and a benchmark for other nations. The US and China followed suit, with significant new commitments last month.

A year before Paris, it now means the world’s three largest carbon polluters have set targets - a move which will challenge other nations to now come forward.

Building on that progress in Lima, the UK wants to keep up the pressure on other countries to announce their carbon reduction pledges by the first quarter of next year.

The UK is also pushing for the following outcomes:

• Agreement on the information a country must set out in its carbon reduction contribution so these are transparent and comparable;
• Development of draft elements for next year’s deal so this can become a full negotiating document ahead of the Paris summit;
• More action by countries to cut carbon emissions before 2020 (when a new deal would come into effect);
• More progress on the rules to govern a global agreement, including on carbon markets and the system for monitoring, reporting and verifying emissions.

On finance, the UK has played a key role in ensuring the Green Climate Fund (GCF) has become the biggest and fastest mobilisation of climate finance ever, with a long-planned pledge of £720 million ($1.2bn) to help developing countries adapt to climate change and go low-carbon.

The climate fund now stands at $9.95bn with 24 countries already pledging, including $3bn from the US, $1.5bn from Japan, $1bn from Germany, and $1bn from France.

Developing countries have also taken a more active role than before, with contributions from South Korea ($100m), Mexico ($10m), Panama ($1m) and Mongolia ($0.05m).

Mr Davey said:

“The UK and many others have made significant finance pledges to the GCF – it’s now time for others to step up to the plate.”

“It is in the interests of everyone that we make progress to a deal in Paris, and right others play their part to keep up momentum to an ambitious deal next year.”

As well taking part in the negotiations towards an outcome in Lima, Mr Davey will co-chair the Climate Finance Ministerial Dialogue at the invitation of the Peruvian Presidency, the hosts of this year’s UN Climate Change Conference.

The goal of the Dialogue is to bring together both developing and developed countries on climate finance and lay the ground for the finance element of next year’s deal.