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A key U.N. climate fund hit a snag Thursday as major donors including the United States and Japan failed to meet a deadline for converting their pledges of climate aid into signed agreements.
Green Climate Fund — intended to become the main international channel of climate finance for developing countries — said it had inked deals for 42 percent of the $10 billion that governments pledged last year. It needs to hit 50 percent to start considering projects for funding — something it hopes to do before a major climate summit in Paris in December.
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