Number crunching
December 11, 2009
The goal was set before the two day conference of European Union leaders in Brussels began: come up with 6 billion euros ($9 billion) to give to developing nations in an effort to combat climate change.
After one day of the conference however, it seems the biggest challenge facing the EU is getting the numbers to add up.
Despite concrete pledges that reach over half of the EU's goal, including an 883 million euro commitment from Great Britain, some nations are reluctant to announce exact figures.
France and Germany, for example, have so far stayed quiet on the amount they plan to contribute to the EU's short-term climate initiative between 2010 and 2012.
All-nighter in Brussels
Negotiations continued through the night on Thursday, and final tallies from each nation were expected on Friday morning.
"We are still working on putting together what European countries on a voluntary basis are able to put on the table," said Swedish Prime Minister Fredrik Reinfeldt, whose country currently holds the rotating EU presidency.
"The figures will be better tomorrow morning than they are tonight," he added late on Thursday.
Other leaders from the summit were optimistic that after a final round of talks within the participating nations, an agreement would be reached on the last day of the conference in Brussels.
"The search for the money continues, but some countries made it clear today that they are ready to declare the sum by tomorrow," said Czech Prime Minister Jan Fischer.
As the summit got underway, it was briefly interrupted by a group of about a dozen protesters from Greenpeace who slipped past the tight security and gathered at the entrance to the summit. There, they unfurled a banner that read "EU save Copenhagen," referring to the United Nations climate summit currently underway in Copenhagen.
Balancing Greece's books
Meanwhile, Greece's financial straits continue to capture the attention of the EU. Greece's public deficit is expected to approach 13 percent of its gross domestic product by the end of the year, and its national debt is around 300 billion euros ($450 billion).
In Brussels, recently elected Greek Prime Minister George Papandreou was on hand to reassure the rest of the EU that his nation's financial problems are manageable, and it is widely recognized that further trouble in Greece would have a negative impact on the entire 16-member eurozone.
"What happens in a member country influences all the others, particularly when you have a common currency," said German Chancellor Angela Merkel ahead of the summit.
European Commission chief Jose Manuel Barroso seemed to be convinced that Greece would be able to pull off massive re-structuring and economic modernisation.
"After this evening's discussion, I am fully confident that Greece will succeed in that endeavour," Barroso said.
"Tete-a-tete" for Brown and Sarkozy
While talks on climate change funding and Greece's rocky finances are ongoing, one concrete result from the first day of the EU summit was an agreement between Britain and France on taxes for banker bonuses.
British Prime Minister Gordon Brown announced a one-time tax of 50 percent to be introduced on bonuses over 25,000 pounds ($40,700 dollars), and sources within the government of French President Nicolas Sarkozy say a similar measure could be implemented early next year. Chancellor Merkel has also applauded the idea, calling it "charming."
Brown and Sarkozy met for thirty minutes on the sidelines of the summit in Brussels in what Brown called a "tete-a-tete" which had been "convivial."
mz/AFP/AP/Reuters/dpa
Editor: Michael Lawton