ISLAMABAD: Federal Minister for Climate Change Senator Mushahidullah Khan on Thursday said global climate agreement unlil(ely unless rich nations directed finances towards countries vulnerable to altering climate.

He gave this statement while welcoming the French President François Hollande`s proposal to the rich countries to contribute $100 billion a year by 2020, which was vital to agreeing to new global climate deal inParislaterthis year.

The minister has also backed the French president argument that without any financial commitment by rich countries including US, UK, Germany, Canada and Poland, chances were dim for the global climate pact most likely to be reached in Paris in December this year among over196richand poor countries.

The French president had expressed these views at the two-day 6th International Petersberg Climate Dialogue `Reaching for the Paris outcome`, which concluded on May 19 in Berlin, Germany.

Mushahidullah Khan explained how rich countries had promised financial pledges to the poorer nations for reducing climate altering carbon emissions.

`DuringtheUNtalksinCopenhagen in 2009, rich countries promised to mobilize $100 billion per year by 2020in climate finance from public and private sources to help poorer nations cope with worsening extreme weather and rising seas, and to develop their economies cleanly by using renewable energy,` the minister recalled.

He said the rich countries at UN-led donor conference in November last year in Berlin promised $10.2 billion of the climate fund for Green Climate Fund (GCF) to help developing countries tackle climate change.

`But, it is a matter of grave concern for the developing countries including Pakistan that the rich countries have contributedsofararound42per cent of the $10.2 billion,` the federal minister deplored.

Senator Mushahidullah Khan also joined the French president in the stance that developing countries, which were seriously in grip of negative impacts climate change due to rising trajectory of global carbon emissions caused by developed countries, won`t accept an agreement if they did not get any financial support for adaptation and (energy) transition.

The climate change minister underlined that finance was `key` and must be part of a package of support for developing countries to allow them to opt for low-carbon growth.

This was necessary because many developing/poor countries like Pakistan, Nepal, Philippines, Vietnam, Bhutan and Afghanistan need money and want to hear about release of these major sums from GCF, the Minister asserted.