http://uk.reuters.com/article/environmentNews/idUKN0131191820080701

As the G8 nations prepare for their July, 8 summit in Hokkaido, Japan, The World Bank has agreed to establish two investment funds for them to consider during the meeting. The investment funds are to help developing economies switch to cleaner energy technologies to curb carbon emissions and to better enable poor countries to adapt to climate change.

World Bank President Robert Zoellick said the funds are part the Bank's response to climate change challenges.

"We think the (funds) will have a significant impact in generating even more financing for climate action," Zoellick said, "but also in demonstrating new approaches to address the current and future effects of climate change.

"These approaches will range from agriculture to water management, from transport to urban development, and from biodiversity to energy access," he said.

The World bank is optimistic about the future of the investment funds, as several nations have already came out in support of them. Indeed, climate change will be a heated topic during the G8 summit.

Reuters: Lesley Wroughton; July 2, 2008

Submitted by: M. Lamarre