Rich, poor countries argue over climate financing as UN climate talks enter last day

Rich and poor countries are arguing over money at the last day of talks at the United Nations-led conference on climate change.

The funds are to help the developing world cover the rising costs of mitigating global warming and adapting to it.

Developing countries want firm commitments from rich nations to scale up climate aid to poor countries to $100 billion annually by 2020, a general pledge that was made three years ago.

After overnight negotiations, a draft agreement was presented Friday that does not include midterm targets, which developing countries had called for. The U.N. climate secretariat said "further consultations are necessary."

Rich nations are unwilling to commit to specific targets now, citing world financial turmoil and pressure on their budgets.