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World Bank leader calls for development banks to mobilise climate funds

piggy-ban-renewablesDevelopment banks should mobilize climate funds: World Bank’s Kim  BY VALERIE VOLCOVICI   REPORTING BY VALERIE VOLCOVICI,; EDITING BY ROS KRASNY AND FRANCES KERRY) WASHINGTON Thu Oct 16 (Reuters) – The World Bank and other multilateral financeinstitutions should pool their resources to help developing countries combat and adapt to climate change, helping smooth the path to a global climate agreement in Paris next year, World Bank President Jim Yong Kim said on Thursday.

One important disagreement looming over the climate talks is how countries will reach an agreed target of raising $100 billion in annual funding for climate change projects in developing countries by 2020, Kim told the Reuters Global Climate Change Summit.

The World Bank, other multilateral organizations, climate funds and regional development banks can help mobilize money prior to the Paris talks to give developing countries confidence in the negotiating process, he said.

“We are doing everything we can to really make sure that issue doesn’t stop the proceedings,” Kim said.

“Can we take all of the money that is floating around out there, and put it together in a package that would make the developing countries feel a lot better about the available financing for tackling both mitigation and adaptation?”……….

Beyond the financing question, Kim said strong signs of an agreement between the United States and China on climate would set a “strong foundation” for the Paris meeting.

He added that a declaration by 74 countries and over 1,000 private companies announced at the U.N. Climate summit in September, in support of carbon pricing measures such asmarkets and taxes, could also bolster prospects for success in Paris.

Kim said the decision by China, the world’s biggest carbon emitter, to sign the declaration was a surprise to World Bank officials, and had raised the pressure on other countries……..http://www.reuters.com/article/2014/10/16/us-climatechange-summit-worldbank-idUSKCN0I52QK20141016

October 18, 2014 - Posted by | 2 WORLD, business and costs, climate change, renewable

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