Finance leaders push for clean energy fund

The finance heads of the U.S., Britain, and Japan have implored other governments to join them in developing a multi-billion dollar facility to aid developing countries in making the switch to cleaner energy. According to U.S. Treasury Secretary Henry Paulson, British Finance Minister Alistair Darling, and Japanese Finance Minister Fukushiro Nukaga, the program can make a difference in slowing down the rising levels of greenhouse gas emissions in poorer countries. “By pooling our efforts to support a new clean technology fund, administered by the World Bank, we can help developing countries bridge the gap between dirty technology and clean technology,” they said. “The fund will support publicly and privately financed projects that deploy technologies that can cut emissions, increase efficiency and save energy.” U.S. President George W. Bush has already promised USD2 billion, while the British government has committed a portion of its USD1.6 billion Environmental Transformation Fund, to the initiative. Japan, meanwhile, has promised to create a USD10 billion financial mechanism to help poorer countries deal with the effects of climate change.

Source: Finance chiefs urge support for clean energy fund (Reuters)

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