Rich countries urged to donate to climate change fund

Posted by Laura Grant on June 16, 2008
Posted in Business

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.

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