Green is not just the color of money, it is the color of social-responsibility

Friday, June 25, 2010

G-8 , G-20, How about G-Buzz

Aware of calls for industrialized economies’ to fund developing nations’ climate-related programs, the Group of Eight wealthy nations clarified its funding commitments.

In the Muskoka Accountability Report, released ahead of G-8’s summit held in Muskoka, Canada from Friday to Saturday, the group said it has engaged in three funds addressing international climate goals, such as adaptation.

Adaptation refers to measures by which vulnerable countries, especially economically poorer ones, could prepare for the impact of climate change. Threats include rising seas, stronger rains and intensified droughts.

These funds are for least developed countries’ national adaptation action programs, for the promotion of longterm adaptation measures and for climate resilience in mainstream development planning.

The G-8 said around $180 million and $129 million have been collected for the least developed countries fund and the special climate change fund respectively. The latter reportedly mobilized voluntary contributions worth $110 million for adaptation and $19 million for technology transfer.

For the pilot program for climate resilience, the G-8 said it has pledged $1 billion and chosen as recipients nine countries in the Caribbean, Pacific and African regions.          Source ecoseed

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