U.S. Proposes Fund for Climate-Change Impact on Developing Nations

The U.S. has proposed an international fund to help developing countries mitigate climate-change related disasters and move toward low-carbon economies, ClimateWire reported. U.S. government officials have not suggested a monetary figure. The fund would most likely be managed by the World Bank, whose estimates recommend $75 billion to $100 billion yearly.

William Pizer, deputy assistant secretary of the Treasury for environment and energy, said the fund would target projects such as "building a solar park or creating a financial vehicle to support investments in energy efficiency to creating an insurance mechanism for disasters or [failed] crops."

David Waskow, climate change program director at Oxfam America, was quoted as saying: "It's certainly a critical part of what needs to be addressed and concluded in the negotiations" at Copenhagen later this month, and "it's never just a question about money, but also how the money is governed and spent."

At the Copenhagen summit, nations are expected "to offer between $7 billion and $10 billion for immediate needs in poor countries, with about $1.3 billion expected to come from the United States," wrote ClimateWire.