World Bank approves climate funds

The World Bank on Tuesday agreed to establish two investment funds to help developing economies switch to clean energy technologies to curb carbon emissions and assist poor countries adapt to climate change.
The approval of the Clean Technology Fund and Strategic Climate Fund comes days before a summit of Group of Eight leaders from industrial countries in Hokkaido, Japan, on July 8. Warren Evans, director of the WB's environment department, said the Bank is counting on between $4bn to $5bn in donor money for the Clean Technology Fund.