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January 27, 2008

World Economic Forum Annual Meeting 2008: Japanese PM unveils 10 billion dollar fund on climate change

World Economic Forum

Photo: John A. Thain, Chief Executive Officer, Merrill Lynch, USA, captured during the session 'The Global Economic Outlook 2008' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 26, 2008. (© World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Photo: Josh Lerner, Professor of Finance, Entrepreneurial and Service Management, Harvard Business School, USA, captured during the session 'Myths and Realities of Private Equity' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 26, 2008. (© World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Photo: Anatole Kaletsky, The Times, United Kingdom, captured during the session 'Myths and Realities of Private Equity' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 26, 2008. (© World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Photo: Martin Wolf, Associate Editor and Chief Economics Commentator, Financial Times, United Kingdom, makes a point during the session 'The Global Economic Outlook 2008' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 26, 2008. (© World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Davos, Switzerland -- Japanese Prime Minister Yasuo Fukuda today unveiled a five-year, US$ 10 billion fund to support efforts in developing countries to combat global warming a move that ensures top priority be given to climate change at this year's G8 Summit.

In addition, Japan aims to create a new multilateral fund with the US and the UK to mitigate changes in the earth's climate as a result of global warming, Fukuda told business leaders at the World Economic Forum Annual Meeting 2008.


World Economic Forum

Photo: Yasuo Fukuda, Prime Minister of Japan at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 26, 2008. (© World Economic Forum. Photo by Remy Steinegger)


Calling it the "Cool Earth Partnership", the prime minister, who will chair the G8 Hokkaido Toyako Summit later in the year, said: "Japan will cooperate actively with developing countries' efforts to reduce emissions, such as those to enhance energy efficiency. At the same time, we will extend the hand of assistance to developing countries suffering severe adverse impact as a result of climate change."

The fund will start disbursing funds this year. It will set aside up to US$ 8 billion for assistance in climate change mitigation, and up to US$ 2 billion for grants, aid and technical assistance for countries switching to clean energy.

"There is no time to lose in addressing climate change," Fukuda said. "We have readily available means for taking action without waiting for the agreement on a post-Kyoto framework."

The Kyoto Protocol governing greenhouse gas emissions runs out in 2012.

As the chair of the G8 Summit, Fukuda said he is resolved to work with major emitters to set a "fair and equitable emissions target" based on a bottom-up approach that looks at sectoral energy efficiency.

Japan will set a "quantified national target" to reduce emissions immediately. |GlobalGiants.com|


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Edited & Posted by Surender Hastir | 7:18 AM | Link to this Post


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