The draft agreement is the result of work by a group of individuals known as ‘the circle of commitment’, understood to include the UK, US and Denmark.

It reveals that the Danish government appears to be joining a group of influential developed countries calling for climate funding to be channelled through the World Bank. Such a move would mean that developed countries would retain control of this money, allowing them to pick and choose as to how it is allocated.

“The World Bank has a very poor record dealing with development and environmental sustainability”, said Harjeet Singh, ActionAid’s climate change advisor, at the Copenhagen Summit. “It’s ironic it’s being suggested as the way forward”. 

A single climate fund under the umbrella of the United Nations Framework Convention on Climate Change would reduce the risk of funding being allocated on a political basis, ensuring that the money reaches those who need it most. In order for any climate deal to be successful, money needs to be easily accessible and not subject to the World Bank’s mass of conditions.

Developing countries are on the front line in the fight against climate change. They need money now to adapt to rising sea levels and promote cleaner development. There is no time for mistakes. The clock is ticking…