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World Bank President Zoellick Presents New Climate Investment Funds at G8 Finance Ministers Meeting

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13

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.

“These

climate investment funds have been established through a very inclusive and

consultative process that's been in support of the Bali Action Plan. In designing

these funds, we have taken great care to recognize the primacy of the UNFCCC in

the climate negotiations, and to make sure that we support those negotiations,”

said Zoellick. The Strategic Climate Fund and the Pilot Programme on Climate Resilience

are expected to provide critical additional resources to test new approaches

and to create new knowledge for effective adaptation. At the same time, the

Clean Technology Fund will provide additional funds for programmes in

developing countries to reduce greenhouse gas emission levels through increased

energy efficiency, and the deployment of new technology and approaches. [Read more]