News Summary: Work starts on $100B UN climate fund
AID FUND: Zaheer Fakir from South Africa and Ewen McDonald of Australia were chosen to lead the Green Climate Fund, a UN fund that aims to channel $100 billion a year in aid to poor countries, at the fund's first meeting in Geneva.
2011 AGREEMENT: The money was pledged by rich nations to help poorer countries adapt to changing climate conditions and to move toward low-carbon economic growth.
DETAILS: The agreement, reached at the 194-nation climate talks in Durban, South Africa, does not specify how the money would be mobilized. The fund must also decide how and where it will be run, and how exactly it will raise the funds.