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Ecofin put off forming proposal for long-term climate change plan

EU finance ministers did no reach an agreement on what financing the union would recommend for a new long-term climate agreement to be discussed at an international conference in December, Finance Minister Péter Oszkó said in Brussels.

The ministers decided the question would be put to the heads of EU members at a summit in the coming week.

Hungary and eight other member states pressed for an agreement on how to distribute the burden of the cost of combating climate change before the December meeting.

World leaders will meet in Copenhagen at the end of 2009 to discuss whether the Kyoto Protocol should be extended and expanded from 2013 or replaced with a new agreement. A contentious issue is whether countries should pay to counter the effects of climate change based on the pollution they generate or based on GDP.

Hungary's stand on the matter is somewhere between the two views, although the ability of economies to bear the costs should have a greater weight when considering the two sides, Prime Minister Gordon Bajnai said in September. (MTI – Econews)