World Bank managing a global climate fund
The United States has proposed a new global fund - likely operated under the World Bank - that would direct billions of dollars to help poor countries.
William Pizer, deputy assistant secretary for environment and energy at the U.S. Treasury Department, explains that the fund would contribute to a spectrum of projects from "building a solar park or creating a financial vehicle to support investments in energy efficiency to creating an insurance mechanism for disasters or crops," New York Times reports.