Panelists on a discussion about efforts to fight global warming ahead of a key Copenhagen summit in December said it’s crucial for the G-20 take steps toward breaking gridlock over how emissions reductions will be financed.

At issue is how developed nations will compensate developing nations for their efforts to help cut greenhouse gas emissions. The Copenhagen summit is seen as a last best chance to implement a new treaty to replace the Kyoto Protocol, which expires in 2012.

“Without an adequate finance package in place by Copenhagen, there is no deal,” Alden Meyer, Director of Strategy and Policy for the Union of Concerned Scientists, said in a Thursday discussion organized by the U.S. Climate Action Network.

Speakers said they hoped leaders of the G-20 countries would give their finance ministers clear direction on setting up financing. David Waskow, Climate Change Program Director for Oxfam America said he hopes leaders instruct their governments to “seize the moment” on climate change.

“What needs to emerge here is a clear commitment, and a sense of energy and purpose on the way to Copenhagen,” Waskow said.

But Meyer said that “the finance ministers frankly haven’t done their homework” up to this point. Speakers were discouraged by the amount of progress so far and said G-20 leaders must establish a timeline and process to reach an agreement by Copenhagen.

Kumi Naidoo, chair of the Global Campaign for Climate Action, said that “everything is up for a fight in the next couple weeks,” and that it is too soon to throw in the towel.

(via G-20 Dispatches – WSJ)

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