Fund will combat climate changeJune 2008
The Asian Development Bank is establishing a fund with an initial $40million (£20.2m) to slow climate change trends and make it possible for the Asia Pacific region to adapt to the expected impacts of global warming.
The Climate Change Fund will also be open for contributions from countries, other development organizations, foundations, the private sector and other sources.
Werner Liepach, principal director of the bank’s co-financing operations office, said: ‘The purpose of the fund is to facilitate greater investments in developing countries in Asia and the Pacific to address the causes and consequences of global warming. Money will be used to provide grant financing for technical assistance, investment projects, research and other activities.’
The fears are that about 1.2 billion people in the Asia Pacific region could experience freshwater shortages by 2020, and that crop yields in central and south Asia could drop by half between now and 2050. Large coastal cities, including Bangkok, Jakarta, Karachi, Manila, Mumbai and Shanghai, are considered to be vulnerable to flooding. Some environmentalists predict that within this century people in Tuvalu, the Maldives and coastal Bangladesh may become climate refugees.
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