World Bank Seeks $ 5 Billion For Clean Energy Fund

“Donor commitments to finance a World Bank clean technology fund for developing countries have not yet reached the $5 billion target…Kathy Sierra, World Bank Vice President for sustainable development.  She said the fund would accelerate and scale up low carbon and climate-resilient investments in the developing world.

So far, the fund has commitments of $2 billion in climate funds from US President George W Bush, part of $1.6 billion Britain pledged for ‘environmental transformation’ and undisclosed promises from Japan.

She said the World Bank would try and help countries switch to cleaner energy through so-called ‘transformational projects,’ citing Mexico as an example of a country looking to transform its transportation system to cut emissions.

Sierra said the clean technologies fund would provide the World Bank with the opportunity to bulk up investments in clean energy, also by bringing in the private sector. … As countries shape a new global agreement to succeed the Kyoto Protocol…Sierra said the World Bank was seeking ‘practical solutions’ to tackle climate change and environmental issues.