French president warns climate talks could fail

French President François Hollande is warning that a landmark United Nations climate change conference later this year could fail. 

Hollande told reporters on Monday that early negotiations on a climate change accord have stalled over the question of financing for developing countries. 

{mosads}“Good intentions are there, but we are still far away from a legally binding agreement and financing that is up to the levels needed,” Hollande said, according to Reuters. “There is even a risk of failure.”

Government negotiators met in Bonn, Germany last week to continue working on a deal before the full U.N. talks in Paris this December. According to the report, negotiators made progress on issues like greenhouse gas emission cuts and aid for developing nations to adapt to climate change, but the latter remains a sticking point. 

Holland said France will spend the next several months looking to secure at least $100 billion in annual funding for developing nations facing climate change. He said the funding is important to stem the predicted migration of people out of vulnerable countries.

“It is the key. There has to be a pre-accord on the question of financing so that leaders come to Paris knowing there is certainty we will be able to conclude,” Hollande told reporters.

“If we don’t conclude, and there are no substantial measures to ensure the transition, it won’t be hundreds of thousands of refugees in the next 20 years, it will be millions.”

European officials have begun ramping up pressure on negotiators ahead of the climate talks, where leaders hope to secure a global deal to cut greenhouse gas emissions and stave off global warming. 

In August, the European Union’s top climate chief warned that early negotiations on the climate deal were going “painfully slow” and said more nations need to submit greenhouse gas emissions plans.

President Obama’s top climate adviser, Brian Deese, is traveling to China and India this week to discuss the climate conference. The U.S. and China have already committed to cut their greenhouse gas emissions, but India, a top polluter, has not.