It’s Starbucks vs. Inhofe on global climate finance

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http://thehill.com/blogs/e2-wire/677-e2-wire/132053-its-starbucks-vs-inhofe-on-global-climate-finance

Companies including Starbucks and Nike say U.S. officials should take the lead in creating a global climate change fund, a move that comes as some Senate Republicans are pressing the State Department to halt climate financing for developing nations.

A corporate coalition that also includes Timberland, eBay, and PepsiCo. says in a letter to President Obama that the U.S. should drive creation of the fund at the ongoing United Nations climate talks in Cancun, Mexico, calling it “imperative that the United States reassert its credibility and leadership on climate change and establish a fund at this critical juncture.”

“Climate change effects are global. So are our markets and supply chains. As outlined in your speech to the United Nations Millennium Development Goals Summit on September 22, 2010, it is in our long-term economic interest to partner with developing countries, which will bolster their efforts to transition from poverty to prosperity through sustainable and equitable economic growth,” states the letter released Friday through the group Oxfam.

“The establishment of an equitable, effective and accountable Global Climate Fund is just such a partnership. The U.S. should work alongside developing countries as they reduce their emissions, save their forests, and respond and adapt effectively to the climate impacts already being felt by companies and communities alike,” it adds.