Ministers Mull over Climate Finance in Warsaw

Environment ministers meet in Warsaw on Wednesday to grapple with climate finance for poor nations a day after U.N. chief Ban Ki-moon urged leaders to ramp up efforts to curb global warming.

Finance threatens to derail the talks in the Polish capital which seek to pave the way to a new, global deal by 2015 to curb climate-altering greenhouse gas emissions.

Developing countries are challenging rich nations to show how they intend to honor a 2009 promise to muster up to $100 billion (74 billion euros) a year in climate aid by 2020.

Still struggling with an economic crisis, however, wealthy economies are hesitant to put figures on the table for the 2020 target or for shorter-term funding.

They are also leery about a proposed "loss and damage" mechanism they fear could make them liable for limitless compensation for climate damage in future.

With just three days left in the marathon talks, delegates and observers complained of scant progress on the vexed money issue after more than a week of haggling.

On Tuesday, Ban said he was "deeply concerned" that the scale of global action was insufficient to meet the target of limiting average global warming to 2.0 degrees Celsius (3.6 Fahrenheit) over pre-Industrial Revolution levels.

"Climate change threatens current and future generations -- we need to look no further than last week's catastrophe in the Philippines," said the U.N. secretary general, referring to Typhoon Haiyan, which killed at least 4,000 people and left millions desperate for food aid.

Ban called for higher national commitments to reducing fossil-fuel emissions.

"Current pledges are simply inadequate," he said. "We must set the bar higher."

And he urged negotiators to "step up finance".

Humanitarian group Oxfam warned Tuesday that progress must be made on finance in Warsaw.

"Kicking this issue down the road again could spell disaster for poor communities who need help to adapt to a changing climate and lead to a breakdown in trust that will bury hopes for agreement on a global climate deal in 2015."

And U.N. climate chief Christiana Figueres said developing countries "need to feel confident that the commitment to that 100 billion is still on the table despite current financial circumstances."