1 July 2008: The
World Bank's Board of Executive Directors, meeting on 1 July 2008, approved two
Climate Investment Funds (CIFs) following an extensive public consultation
process that culminated with an agreement on the CIFs by 40 developing and
industrialized countries in Potsdam, Germany, on 21-22 May 2008. The establishment of the CIFs was also endorsed by
the G8 Finance Ministers who met in
Osaka, Japan, in June 2008.
June 2008: Speaking on the sidelines of the meeting of finance ministers for
the Group of Eight (G8), held in Osaka, Japan, World
Bank President Robert B.
Zoellick presented two new climate investment funds built to support the
UNFCCC's efforts to address the effects of, and mitigate, climate change.
5 June 2008: As
part of the UN World Tourism Organization's (UNWTO) strategy to implement the
recommendations of the Davos Declaration, a project aiming to integrate the
Maldives' tourism into its climate change adaptation activities is underway.
3 June 2008: The World Trade
Organization's (WTO) Director-General, Pascal Lamy, addressed the High-Level
Conference on World Food Security, which met in Rome, Italy, from 3-5 June
2006, where he highlighted climate change's impacts on agriculture, including
the potentially greater scarcity of water, and called attention to the
water-saving potential of international trade, by preventing the unnecessary
growth of agriculture in countries without access to sufficient water resources.
June 2008: The World Bank has priced a US$25 million bond linked to Certified
Emissions Reductions (CERs) to be generated by a Clean Development Mechanism
(CDM) project in China.
3 June 2008: Private and public
sector participants in the Asia Clean Energy Forum, which convened from 2-6
June 2008, in Manila, the Philippines, called for new investments in clean
energy, amid spiraling costs for oil and coal and the growing threat of climate
4 June 2008: The African Development Bank (AfDB) and the World
Bank jointly organized a fourth regional consultation to discuss their
respective strategies on climate change. The 4 June 2008 consultation in Dakar,
Senegal, was the last in a series aimed at brainstorming and seeking ways to
strengthen collaboration with African institutions and development partners in
order to efficiently implement the strategies. Participants identified three
main challenges – energy security and access, cushioning the adverse effects of
climate change, and climate change risk management and adaptation.
6 June 2008: The World Bank's Carbon Fund is facilitating a
US$8.37 million project in southern Nicaragua that plans to turn 600 hectares
of privately-owned former cattle ranches into new-growth teak forests. The Nicaragua Precious Woods Project began in August 2006,
and intends to absorb nearly 300,000 tons of carbon emissions by the year 2017
while conserving approximately 350 hectares of secondary forest and mature
29 May 2008: The World Bank announced a new
programme to address the impact of tropical glacier retreat in Bolivia, Peru, and
Ecuador. During the project launch in Lima, Peru, Carlos Felipe Jaramillo,
World Bank director for Bolivia, Ecuador, Peru, and Venezuela noted that “Climate
change will heavily impact Andean countries' economies, particularly the poor.
Adapting to climate change is crucial given the severe and irreversible effects
it will have on the region.”
21 May 2008: The Commission on Growth and Development has released its report entitled “The Growth Report: Strategies for Sustained Growth and Inclusive Development,” in which it analyzes, among other issues, whether deve loping countries can grow as fast as the fastest growing economies without causing global greenhouse gases to spiral out of control.