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.
CONTEXT(Help)
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Copenhagen: what happened? »Copenhagen: what happened?
Obstacles to a negotiated agreement? »Obstacles to a negotiated agreement?
Payments from developed nations to developing nations to reduce CO2 »Payments from developed nations to developing nations to reduce CO2
How could payments be distributed? »How could payments be distributed?
World Bank managing a global climate fund
Longer term: could go up to 100B$ a year or more »Longer term: could go up to 100B$ a year or more
Short-term: 10B$ for adaptation, clean energy sources, deforestation »Short-term: 10B$ for adaptation, clean energy sources, deforestation
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