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Climate Change: UK and France to announce up to £1.5bn in fast-track finance

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A joint statement today between Nicolas Sarkozy and Prime Minister Gordon Brown in Brussels on 11 December 2009.

We agreed:

- To work for an ambitious deal in Copenhagen, consistent with a maximum global warming of two degrees, to which all parties contribute, and which enables the EU to reduce its emissions by 30% by 2020.

- To enable immediate implementation of the Copenhagen agreement we support the establishment of a 'fast start' launch fund for 2010-12 which achieves $10 billion annually in 2012. A large amount of this should go to adaptation, especially in Africa, small island states and other poor and vulnerable countries. France and the UK will each contribute their fair share among the advanced economies - around €400 million euros ($600 million dollars) a year. The UK is prepared to go further and contribute up to $800 million dollars a year in the light of offers from others.

- To ensure predictable and additional finance in the medium term to 2020 and beyond, we should make use of innovative financing mechanisms, such as the use of revenues from a global financial transactions tax and the reduction of aviation and maritime emissions and the auctioning of national emissions permits. We will work together on this.

- Rainforest countries need the security of finance now and for the coming years. We believe around 20% of early finance should be allocated to forest protection. We want the Copenhagen agreement to agree a reduction in deforestation of 25% by 2015, leading to a 50% reduction in 2020 and a halt in 2030. The developed world should pay for the majority of this, supporting developing countries' own efforts.

- To this end we will work with developed countries and rainforest nations over the next few days to deliver an equitable and effective agreement on forest finance and governance. We will jointly attend a conference of rainforest countries of the Congo basin next week in Paris.

- That long term financial support is needed to assist developing countries meet the costs of mitigation and adaptation, estimated at around €100 billion, in 2020.

- We are determined that Copenhagen agrees to put in place stronger global environmental governance.

There is much at stake at Copenhagen. We will be doing all in our power to reach the ambitious and comprehensive global agreement the world needs.