Developing nations' financial pledges to a global climate change fund is a "great sign," Germany's Federal Environment Minister Barbara Hendricks said Friday.
At a press conference during the 20th Conference of Parties ( COP20) to the United Nations Framework Convention on Climate Change in Lima, Peru, Hendricks welcomed the increase in funds that will be available to combat global warming.
Hendricks especially underscored the contributions of developing countries to the Green Fund, which helped surpass the fund's initial target of 10 billion U.S. dollars a year.
"It is a great achievement and success for the developing countries to form part of the donating countries," said Hendricks, adding "It is a great sign for the world, because it shows the commitment to fighting climate change."
Regarding the ongoing negotiations on a proposed draft agreement for united global climate action, the minister said European countries agreed to seek a balance among the range of options provided for financing and for cutting greenhouse gases.
"I think it was wise of the presidency of the COP to provide various options, and we will find a point of equilibrium," said Hendricks.
The German government, said the official, has already approved a plan of action to cut its carbon dioxide (CO2) emissions by 40 percent by 2020, compared to 1990 levels.
That goal is in keeping with the European Union's, but its deadline is set 10 years earlier, she said.
Germany plans to meet that target through greater energy efficiency in both industry and transportation.
A draft agreement reached at this year's COP20 would serve as the basis for a global climate deal to be adopted at next year's COP21 in Paris.