World Bank Oks Funds To Tackle Climate Change
The World Bank gave the go-ahead at a board meeting Tuesday for the creation of a pair of global investment funds to back developing nations efforts to curb greenhouse gas emissions and adapt to the effects of climate change.
The Climate Investment Funds, led by Japan, Britain and the US and to be administered by the World Bank, are expected to start with total initial funds of 5 billion US dollar (24 milliarder DKR) and become operational by the end of the year, it said.
The approval of the Clean Technology Fund and Strategic Climate Fund comes days before a summit of G8 in Hokkaido, Japan, on July 8 where climate change issues are on the agenda.
– The G8 is likely to broadly support the establishment of the climate investment funds, Warren Evans, Director of the World Banks environment department, said.
He said the World Bank was counting on an initial 4 billion to 5 billion dollar in donations by G8 nations for the Clean Technology Fund, adding that media reports that 10 billion would be raised for the fund “are on the high side”.
Evans noted that the design of the funds was agreed in negotiations between “a large number of stakeholders”. Financing for projects would be decided by a committee made up of eight donor nations and eight developing countries. Decisions would be made by consensus, he added.
Evans anticipates a couple of additional commitments in the near future, possibly to be announced at the G8 conference in Japan. He said non-G8 countries have also expressed interest in providing funding.
Kilde: www.worldbank.org
