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The US, UK, and a host of other countries are putting their money where their mouth is to fight climate change, the New York Times reports.
At the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), which is taking place in the United Arab Emirates this week, the countries are announcing a joint effort to drum up some $50 billion a year to help the world's poorest countries deal with the effects of climate change.
According to a press release, the Climate Investment Funds (CIF) Capital Market Mechanism will be launched next year and could raise $7.5 billion a year in new climate finance over the next decade.
The funds will be used to help the world's poorest countries deal with the effects of climate change, such as rising sea levels, droughts, and flooding, as well as to reduce carbon emissions.
"The scale and scope of this initiative is huge," the Times quotes one of the UNFCCC's organizers as saying.
The funds will be used to help the world's poorest countries avoid the worst of the effects of climate change, such as rising sea levels, droughts, and flooding, as well as to reduce carbon emissions.
The announcement was made by UK Minister for Development and Africa Andrew Mitchell, who
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