Poor countries are set to get access to a new World Bank fund worth billions of dollars for efforts to cut pollution, fight climate change and finance energy-efficient schemes. The proposal comes as a response to the developing countries’ plea to secure financing that would help their own efforts in reducing emissions. “The fund will support publicly and privately financed projects that deploy technologies that can cut emissions, increase efficiency and save energy in developing countries,” the finance ministers of the U.S., Britian and Japan said in a joint statement. Portions of the the USD2 billion and the USD1.56 billion anti-climate change pledges by the U.S. and Britain respectively, and that of Japan’s USD10 billion commitment will provide the start-up capital for the program. “It is expected that the formal announcement of the creation of the facility will be made soon,” revealed a World Bank statement. “In addition to discussions with donor countries, talks have been or will shortly be undertaken with other interested parties, including other agencies in the U.N. system and the private sector.” The ministers also stressed that the new campaign does not seek to oppose the United Nations-led negotiations to succeed the Kyoto Protocol in 2013. “While the idea of a clean tech fund is welcome it should not be used to distract from or undermine the main event which is global negotiations on reducing carbon emissions,” a European Union representative averred.

Source: World Bank plans clean technology fund for poor (Reuters)

About the author