World Bank to help LDCs fight climate change

World Bank, whilst historically against using loans to fight climate change are changing their stance (slightly).

This quote sums this up:

"I don't agree to use existing development funds to finance the fight against climate change in the least developed countries," Michel said.

This is a rational stance to take in many respects. The World Bank's role is to reduce poverty and aid development. Should these loans be curtailed in favour of climate change spending? Can they mean the same thing?

EU, World Bank Eye Loan for Climate Change Fight [PlanetArk]

BRUSSELS - The European Union and the World Bank are discussing raising a major long-term loan to help poorest countries fund essential measures to combat climate change, the EU's development chief said on Wednesday.

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"I don't agree to use existing development funds to finance the fight against climate change in the least developed countries," Michel said.

"My aim is to create a global loan with the World Bank -- we are working with (World Bank President) Bob Zoellick -- to help the LDCs (Least Developed Countries) fight climate change."

Michel said rich countries would reimburse the loan over a long period, and some of that funding could be raised from the private sector through taxation or other levies.

The EU wants to position itself in the vanguard of the fight against global warming and its impact.

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