[LINK] World Bank clean technology fund

[stephen at melbpc.org.au]

World Bank plans clean technology fund for poor. Sunday, February 10, 2008

<http://www.chinapost.com.tw/business/2008/02/10/142449/World%2DBank.htm>

LONDON -- Poor countries will soon receive billions of dollars from a new 
World Bank fund to help them cut pollution, save energy and fight global 
warming, the international organization said.

Developing countries such as India and China are already trying to reduce 
their carbon emissions, mainly to save on energy, but have balked at doing 
more without technological help from Europe, Japan and the United States.

Most carbon dioxide heating the planet now is a result of western 
industrialization, and developing countries want financial help to cut 
their own growing 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 U.S., British and Japanese 
finance ministers said in the Financial Times on Friday.

The World Bank clean technology fund would receive some of the US$2 
billion in climate funds U.S. President George W. Bush announced last 
month, and part of the 800 million pounds (US$1.56 billion) Britain 
pledged to "environmental transformation" last year, Henry Paulson, 
Alistair Darling and Fukushiro Nukaga said.

Japan last month announced a US$10 billion package to support developing 
countries' fight against climate change but the finance ministers' letter 
did not detail how much of this would be channeled through the World Bank.

In a written response to questions from Reuters, the World Bank said, "It 
is expected that the formal announcement of the creation of the facility 
will be made soon."

"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 World Bank statement referred to "a strategic climate investment 
facility that would accelerate and scale up low carbon and climate-
resilient investments in developing countries".

The three finance ministers said the fund would not be an alternative to 
U.N.-led talks to agree new emissions curbs to succeed measures now under 
the Kyoto Protocol from 2013, a concern in Europe.

"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," an EU source told Reuters, who said agreeing 
on binding emissions cuts was the top priority.
--

Note, Russia is thinking of joining ...

Russia weighing up possible membership in Clean Technology Fund
<Lhttp://www.interfax.ru/e/B/politics/28.html?id_issue=11963652>
TOKYO. Feb 10 (Interfax) - Russia is weighing up the possibility of 
joining a "clean technology fund" - an idea proposed by the United States, 
Japan and Britain at a meeting in Tokyo, Russian Deputy Prime Minister and 
Finance Minister Alexei Kudrin told the press. 
--

Cheers people
Stephen Loosley
Victoria, Australia