Then came Hillary. On Thursday morning, moments after the African nations complained that the negotiations were going nowhere, Secretary of State Hillary Clinton appeared in a crowded press briefing room at the summit and announced that the United States would contribute to a $100 billion international fund starting in 2020—as long as "all major nations" commit their emissions reductions to a binding agreement and submit those reductions to transparent verification. And by "all major nations," she meant China.
With this dramatic, nearly last-minute declaration, the United States changed the summit's dynamic. For most of the two-week affair, as the poorer nations and European countries talked about setting up a global fund that would help developing nations contend with climate change, American officials were mum. Instead, they tried to change the discussion, focusing on China's refusal to place its announced emissions limits within an international agreement and to accept monitoring and verification of its pledged emissions limits. In private, members of the US delegation acknowledged that a refusal by the United States to make a specific commitment to long-term funding could be perceived as the conference's deal-killer. Preparing for a potential blame-game, one US official remarked to me (as if he were test-driving an argument), would environmentalists really want to allow the world's largest emitters to simply claim reductions without proof? Aren't verifiable reductions as important as climate finance?
So had it looked as if the United States and China were not moving any closer, even as the showy part of the proceedings began with a long parade of speechifying heads of state. (Please, no more than three minutes, the conference organizers entreated each one.) The grandstanding from Venezuelan President Hugo Chavez, Zimbabwean President Robert Mugabe, and others meant little, as exhausted-looking negotiators and ministers continued talks. It just added another ring to the Copenhagen circus.
With the proceedings stalled, European Commission President Jose Manuel Barroso asserted that financing remained a crucial sticking point. But the Americans kept focusing on China. Even as he cited the need for a global fund, Kerry insisted that this economic powerhouse make its proposal to slow the growth of its emissions part of an internationally binding accord and subject its emissions management to outside verification. In fact, he was suggesting a grand quid pro quo: money (from the US, Europe and Japan) in exchange for accountability (from China). Hours later, Japan entered the fray, announcing that it would contribute $11 billion in short-term funds on the condition that any agreement creates a framework covering all major emitters—as in China, India, Brazil and other emerging developing nations. The message to China: you play, we'll pay. (Japan's offer was a billion dollars more than what the European Union has proposed, and more than double the $4.2 billion the United States has suggested it would contribute to short-term financing.)