Japan, the US and Britain have been encouraging the rich countries at a recent G8 meeting in Japan to contribute money to two climate investment funds that the World Bank will administer. The Financial Times reports that the three countries have already pledged $5-billion of the $10-billion initial investment they are trying to raise.

The two funds are a clean technology fund to help developing countries mitigate the effects of global warming by investing in cleaner technology for new power generation and a strategic climate fund to help at-risk poor countries to adapt to a changing climate.

“The World Bank estimates that $30-billion a year will ultimately be needed to ensure that the probably $10,000-billion investment in power generaion of the next 22 years in developing countries uses lower carbon technologies,” the FT reports.

G8 science and technology ministers also reportedly want to co-operate more closely with each other and developing countries in the search for technological innovations that will help create a low-carbon society. To this end, high-ranking G8 officials plan to meet in Washington later this year with representatives of South Africa, Brazil, China, India, Mexico, the Philippines and South Korea, Earth Times reports.