World Bank’s Latin America chief, Pamela Cox, hopes sovereign wealth funds would invest in clean energy to boost the campaign against climate change. Emerging economies have control of some USD3 trillion of the said funds. Mexico earlier held talks with the development agency over plans to launch a global climate fund. “I think it’s great that a leader of an emerging market country is proposing this. [Mexican President Felipe Calderon’s] idea is to have all countries contribute to these funds, not just industrialized countries.” The United Arab Emirates also set up the “Masdar Initiative,” which will spend USD15 billion for initiatives to develop low carbon-emitting technologies.
Source: Emerging economies can fund climate fight -W.Bank (Reuters)