Malta must quantify financial share today

Malta will today have to indicate how much money it was willing to put on the EU table for climate change initiatives during the start of a two-day summit meeting in Brussels.

While the world is discussing a post-Kyoto climate deal in Copenhagen, EU leaders want to boost ongoing negotiations by indicating their country's share of monetary compensation to support the EU proposals for emission cuts by 2020.

During a summit meeting last October, member states had agreed the EU would be prepared to pay up to €50 billion a year in compensation to developing countries, conditional on offerings made by other nations. However, no targets for individual member states were announced and the initial funding is voluntary.

During that meeting, some, particularly those from the Eastern bloc, were insisting the richest countries should fork out the biggest contributions. However, other member states suggested that the financing formula should be based on a polluter-pays principle. An agreement on individual contributions remained pending.

During this summit, EU leaders will again be pushed to submit figures in terms of what they will be contributing in monetary terms as the EU wants to present a global financial proposal in Copenhagen.

A draft statement reads: "The Copenhagen agreement should include provisions on immediate action, starting in 2010. EU member states are ready to contribute with fast-start funding of at least (amount to be agreed) billion euros for the years 2010 to 2012."

EU sources said proposals for the level of EU funding ranged between €1 billion and €7 billion over the three-year period.

Although in October Malta agreed to fork out its share, the government has kept its options open and no details were given.