EU agrees final stance for Copenhagen climate talks

On Friday the European Union came to an agreement on how to split the portion of the proposed climate bill so that it would not hurt any of the participating countries economies.

"We managed to reach an agreement on climate finance," Swedish Prime Minister Fredrik Reinfeldt said.

"The EU now has a strong position in view of Copenhagen."

The EU determined that 100 billion euros, (148 billion dollars) a year by 2020 would need to be allocated to fund progressive technologies to accommodate climate change, 22-50 billion euros, of which, will be financed by the public.

A formula has been calculated that "takes fully into account the ability to pay," the text of the agreement said. Leaders fell short of agreeing a concrete formula now and handed that job to a new working party.

The stance of developing countries has been the demand of adequate funding by developed countries to adapt their agriculture or find new sources of water in drought zones.

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Author: Caitlin Martinez