July 1, 2008
HP-1063

Under Secretary McCormick Statement
on World Bank Approval of Clean Technology Fund

"The United States welcomes the World Bank's decision today to establish a $5-$10 billion international clean technology fund that will reduce greenhouse gas emissions growth in the fastest growing developing countries by promoting low-carbon development.

"We have been working closely with the Bank's leadership, potential donor and recipient countries, as well as the environmental and business communities, to develop a Fund that effectively addresses the dual challenges of poverty and climate change.

"The President has requested from Congress $2 billion over the next three years for the Fund to support immediate action to help reduce greenhouse gas emissions in developing countries where they are growing the fastest through the deployment of commercially available clean technology."  

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