World Bank scientist urges backing for $10B climate fund

Robert Watson, the World Bank?s chief scientist, is hoping donor nations would back a proposed $10 billion initiative to combat climate change. The clean energy financing vehicle would seek both private and public donations and invest these in efforts by developing countries to ?de-carbonize.? Currently, funding for climate change projects in poor nations comes from the Global Environment Facility and the carbon trading program under the Kyoto Protocol. But Watson said the money from the two facilities – $250 million per year under the GEF and $3 billion to date released by the Kyoto Protocol?s carbon trading fund – is not enough.

Source: World Bank needs $10 bln climate fund-chief scientist (Reuters)