Third, we must have financing that helps developing countries adapt, particularly the least-developed and most vulnerable to climate change. America will be a part of fast-start funding that will ramp up to $10 billion in 2012. And, yesterday, Secretary Clinton made it clear that we will engage in a global effort to mobilize $100 billion in financing by 2020, if â€“ and only if â€“ it is part of the broader accord that I have just described.
Mitigation. Transparency. And financing. It is a clear formula â€“ one that embraces the principle of common but differentiated responses and respective capabilities. And it adds up to a significant accord â€“ one that takes us farther than we have ever gone before as an international community.
The question is whether we will move forward together, or split apart. This is not a perfect agreement, and no country would get everything that it wants. There are those developing countries that want aid with no strings attached, and who think that the most advanced nations should pay a higher price. And there are those advanced nations who think that developing countries cannot absorb this assistance, or that the worldâ€™s fastest-growing emitters should bear a greater share of the burden.
We know the fault lines because weâ€™ve been imprisoned by them for years. But here is the bottom line: we can embrace this accord, take a substantial step forward, and continue to refine it and build upon its foundation. We can do that, and everyone who is in this room will be a part of an historic endeavor â€“ one that makes life better for our children and grandchildren.
Or we can again choose delay, falling back into the same divisions that have stood in the way of action for years. And we will be back having the same stale arguments month after month, year after year â€“ all while the danger of climate change grows until it is irreversible.
There is no time to waste. America has made our choice. We have charted our course, we have made our commitments, and we will do what we say. Now, I believe that itâ€™s time for the nations and people of the world to come together behind a common purpose.
We must choose action over inaction; the future over the past â€“ with courage and faith, let us meet our responsibility to our people, and to the future of our planet. Thank you.
Source: The White House