The US has presented a proposal for a new climate fund under the World Bank that would be the main vehicle to deliver emission reduction and adaptation measures throughout the world.

Rie Jerichow03/12/2009 16:15
Questions over how rich countries can or ought to help poor countries prepare for climate disasters and adjust to low-carbon economies may become a major source of dispute at the climate change conference in Copenhagen, beginning 7 December in Copenhagen.

In the short-term, there will be a need for up to 10 billion dollars to address adaptation, clean energy deployment and deforestation in developing countries. But long term, some projections estimate that the cost of helping poor countries develop alternative energy and deal with the expected impacts of global warming could hit 100 billion dollars a year or more, Reuters reports.

The United States has proposed a new global fund – likely operate 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.

This week a senior Democrat senator gave a boost to next week’s global environmental conference in Copenhagen, advocating more US funding of climate change efforts by poor nations.

Senator John Kerry recommended that the Obama administration includes three billion dollars in next year’s budget to help fund efforts to address global warming. This year’s funding is about one third that amount, Reuters reports.

Source: issd