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Ready to help countries implement climate pact: World Bank President Jim Yong Kim

By FnF Desk | PUBLISHED: 13, Dec 2015, 13:48 pm IST | UPDATED: 13, Dec 2015, 13:48 pm IST

Ready to help countries implement climate pact: World Bank President Jim Yong Kim London: World Bank President Jim Yong Kim on Saturday welcomed the historic global climate agreement reached in Paris, saying the World Bank was ready to help countries deal with climate change.

"We welcome the historic agreement that has just been reached in Paris. The world has come together to forge a deal that finally reflects the aspiration, and the seriousness, to preserve our planet for future generations," the World Bank president said in a statement.

The deal protects the poorest people and the most vulnerable countries, and sends the signal to trigger public and private sectors investments to drive economies toward a carbon neutral world, Xinhua quoted Kim as saying.

He said the World Bank is ready to help and will do its utmost to help countries implement the climate deal and address climate change.

The Paris deal requires developed nations to continue to provide funding to help poorer countries cut their carbon emissions and adapt to the effects of climate change – but does not set a legally binding level of money.

An accompanying, non-binding agreement requires developed countries to continue a goal of “mobilising” $100 billion (£65.9 billion) of public and private finance for developing countries each year after 2020.

It also calls on them to pledge a higher sum by 2025 – potentially pressuring the UK to increase its contribution beyond the £5.8 billion it has pledged over the next five years.

The UK’s Climate Change Act already legally commits it to drastically reduce greenhouse gas emissions to 80 per cent of 1990 levels by 2050.

This – and interim targets set by the Government’s official advisers, the Committee on Climate Change (CCC) – are designed to be compatible with a goal of no more than 2C warming, and it is estimated will require £10 billion a year in green energy subsidies by 2030.
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