Issue Date: October 22, 2007
Two Programs to Fight Climate Change
The World Bank will begin two programs to help developing countries protect their forests and reduce CO2 emissions from other sources. One program will compensate developing countries for CO2 reductions achieved by maintaining their forests. Another—the Carbon Partnership Facility—will improve energy efficiency, reduce natural-gas flaring, and foster urban development that minimizes greenhouse gas emissions. "Developing countries will earn money and obtain clean technology in exchange for the greenhouse gas emission reductions they will sell to developed countries," says World Bank President Robert B. Zoellick. Both programs "will pilot ways to ratchet up the fight against climate change by adopting a larger scale, longer term approach to greenhouse gas emission reductions," he adds. Most of the countries with rich forest resources are among the poorest in the world. The forestry program will help these countries reduce emissions from deforestation and degradation, the bank explains. It will oversee two trust funds initially worth a total of $30 million that will grow to $300 million, the bank says.
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