$5.5 Billion Fund

The rich G8 countries and the World Bank are close to signing off on a

US$5.5 billion fund to kick-start a new economic trading structure based

on the price of carbon.

World Bank President Robert Zoellick has been selling the value of the

fund to the media and has reportedly told Japanese reporters that that

the fund would be a main weapon in the fight against climate change.

Close aids to Zoellick told Daily Planet Media that the fund - along with

an emissions trading scheme jointly backed by the United Nations and

the World Bank - would form the framework for the climate pact to

succeed the Kyoto Protocol.

The Japanese media had been leaked information from the World Bank

that already 10 developed countries had set aside allocations for the

US$5.5 billion for the fund.

The G8 nations agreed on the weekend that the fund would be a vital

step if developing countries were to adapt to climate change and cut

greenhouse gas emissions.

United States, Britain and Japan have reportedly committed to the fund

and several EU countries, Canada and Australia had agreed to the World

Bank's climate fund strategy.

It's not known how India and China would participate, but the general

understanding was that the new pact to replace the Kyoto Protocol in

2009 would have a significant cap trade financial structure to bind

emission target cutbacks.

For more information, please visit

http://www.earthcharterfoundation.com/ and http://dailyplanet.com/