ADB sets up fund to fight global warming

06/05/2008 -- 10:48 AM

Hanoi (VNA) – Asian Development Bank President Haruhiko Kuroda announced on May 5 a new fund to combat damage caused by climate change, which he termed a "fundamental threat" to economies and livelihoods in Asia, according to foreign news reports. ADB will pay an initial contribution of 40 million USD to the Climate Change Fund, said President Kuroda at an inaugural address to the ADB's board of governors meeting in Madrid, Spain. The fund will allow a more holistic approach to climate change, including its impact on forstry and land use, livelihoods, health and natural disasters and emergencies, he said. The President underlined that the Manila-based bank will pay more attention to addressing repercussions of both economic development and climate change on the environment, which is considered a major hazard for Asia to achieve development goals as well as to the region’s living conditions and livelihoods. Money from the fund will be used to finance grants for technical assistance, investment projects, research and other activities relating to mitigating effects from climate change.- Enditem
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