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Tuesday, December 2, 2008

Japan may invest $1.93 billion in climate fund

The fund, to be set up jointly with the United States and Britain, is expected be the largest ever of its type, with total investment of about 500 billion yen ($4.82 billion), the Nikkei said.

By investing in technologies such as wind and solar power in less developed countries, participating governments hope to encourage private finance to follow suit, the newspaper said without identifying its sources.

The British government last year announced 800 million pounds in support for the fund over three years, while the United States said this year it would provide $2 billion, also over three years, the Nikkei said.

Spain and other European nations are considering participating, it said.

Japan’s finance ministry is likely to make an announcement on Tokyo’s contribution at a meeting of G7 finance chiefs and central bank governors in Washington in April, the newspaper said.

Japan, this year’s host of the G8 summit of industrialised nations, is trying to take a lead on climate change and media reports say the government is planning a 16-nation leaders conference on the issue in parallel with G8.

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