Japan sets up 10 billion dollar climate fund

Written by Agencies | Davos, January 27: | Updated: Jan 27 2008, 17:56pm hrs
Japan has set up a five-year-10 billion dollar fund to support developing countries in their efforts to combat global warming - a move that is likely to gain priority at 2008's G8 Summit.

Calling it the 'Cool Earth Partnership', the Japanese prime minister Yasuo Fukuda, who will chair the G8 Hokkaido Toyako Summit later in the year, said: "Japan will cooperate actively with developing countries' efforts to reduce emissions, such as those to enhance energy efficiency."

Japan will start disbursing the requisite amount to the developing countries from the fund this year. It will set aside up to 8 billion dollars for assistance in climate change mitigation, and up to 2 billion dollars for grants, aid and technical assistance for countries switching to clean energy.

"There is no time to lose in addressing climate change," Fukuda told business leaders at the World Economic Forum Annual Meeting 2008. "We have readily available means for taking action without waiting for the agreement on a post-Kyoto framework," he said.

The Kyoto Protocol governing greenhouse gas emissions runs out in 2012.