No global climate deal without €100bn says Hollande

French President François Hollande warned on Tuesday that there will be no historic climate deal at the United Nations summit in December if developed nations do not provide the €100 billion to catalyse low carbon growth in developing countries.

Hollande (pictured) addressed French ambassadors at a meeting in Paris and said: "If we are to succeed in Paris it will require not only political commitment, but also financing."

The French President said that the pledge to raise €100 billion in climate finance annually by 2020 “was a promise that already has not been kept… It is now a requirement. Without 100 billion, there will be no deal in Paris.”

Hollande described the capital as “indispensable” in boosting developing nations’ resiliency to devastating impacts of climate change including rising sea levels, drought and flooding.

The €100 billion of climate finance was promised by the governments of wealthy nations in 2009 with the aim of catalysing low carbon development and green growth in poorer countries and supporting global efforts to limit greenhouse gas emissions and prevent catastrophic levels of global warming.

In June, the leaders from the Group of Seven nations were criticised for their failure to introduce a clear plan for increasing climate aid up to 2020, from the current level of about €30 billion annually.

Delegations from the 195 UN member states are scheduled to attend the 21st Session of the Conference of the Parties (COP21) to the UN Framework Convention on Climate Change (UNFCCC) in Paris from 30 November until 11 December and a global agreement is due to be signed to limit GHG emissions with the aim of preventing average global temperature increases of 2°C.

The UN has set a deadline of 1 October for participating states to submit their national plans to cut GHG emissions and 55 states have submitted their plans so far.

The UN established the Green Climate Fund in 2010 as a mechanism to raise and distribute climate finance to developing nations.

Hollande said: “We are moving forwards, but the most difficult is yet to come, so we have to move quickly."