Britain commits to giving 720m pounds to international climate fund

GMT 00:29 2014 Saturday ,22 November

Arab Today, arab today Britain commits to giving 720m pounds to international climate fund

Green Climate Fund
London - XINHUA

The British government announced on Thursday it agreed to donate 720 million pounds (about 1.1 billion U.S. dollars) to the Green Climate Fund, joining other major economies to help those hit hardest by climate change.
The fund will target developing countries to help them adapt to the adverse effects of climate change and reduce greenhouse gas emissions.
After Britain's contribution, the climate fund now stands at around 9 billion U.S. dollars from 13 countries including 3 billion dollars from the United States, 1.5 billion dollars from Japan, 1 billion dollars from Germany, and 1 billion dollars from France.
"From protecting low-lying islands and coastal settlements from the impact of rising sea levels, to helping farmers struggling with lower crop yields caused by the weather effects of climate change, British aid can save lives," said Ed Davey, British Energy and Climate Change Secretary.
Britain holds a seat on the fund's governing board whose 24 members, drawn equally from developing and developed countries, will decide on and supervise how the funds will be divided up.
The World Bank will manage the fund's financial assets as interim trustee, subject to a review three years after the fund starts in 2015.

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