More than $6 billion pledged to boost clean-tech in developing countries
Industrialized countries have promised to put more than $6.1 billion in the World Bank’s Climate Investment Funds, which aim to boost clean technologies and reduce greenhouse-gas emissions in developing countries. On Friday, the United States pledged $2 billion over three years; Britain will chip in $1.47 billion and Japan $1.2 billion, with contributions from Australia, France, Germany, the Netherlands, Norway, Sweden, and Switzerland making up the rest. Two trust funds will be created under the Climate Investment Fund umbrella: The Clean Technology Fund will invest in projects that “contribute to the demonstration, deployment, and transfer of low-carbon technologies” and “have a significant potential for long-term greenhouse-gas savings”; the Strategic Climate Fund will “serve as an overarching fund for various programs to test innovative approaches to climate change.” The World Bank will announce the first beneficiaries of the funds in early 2009.
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