World Bank chief says CIF a concrete step forward in tackling climate change

By Xinhua,

Osaka : The Climate Investment Funds (CIF) are “a concrete step” towards meeting the challenge of global climate change, said the World Bank chief Friday.

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The Climate Investment Funds, being established through an inclusive and consultative process in support of the Bali Action Plan, offer an opportunity to take action on climate change now in both climate adaptation and mitigation, said Robert Zoellick, president of World Bank Group, at a news conference on the sidelines of G8 financial ministers meeting.

The first priority is to help vulnerable countries learn how to integrate climate change considerations into their development strategies, said Zoellick, adding that several countries, including Brazil and China, are already taking climate actions through their own sustainable development strategies.

“China reduced its energy intensity by 30 percent between 1995 and 2004,” he said.

The World Bank chief also expressed thanks to Japan, the United States and Britain for “leading the way in the development and financing” of the funds to counter climate change.

The proposed CIF, consisting of the Strategic Climate Fund and the Clean Technology Fund, are to be operated by the World Bank.

The Word Bank, along with other international organizations such as the International Monetary Fund, Asia Development Bank and the International Energy Agency, are invited to the “outreach” meeting of the G8 session. Climate change and the issues of soaring fuel, food and other commodity prices are among the major topics of the outreach meetings.