Developing Countries Need More Climate Financing, says World Bank Climate Change Envoy

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Climate change (10) Rachel Kyte, World Bank vice president and special envoy for climate change, told the Guardian that the developed nations’ pledge to mobilize $100 billion per year in climate finance by 2020 “was picked out of the air.” Pictured: Smoke billows as an area of the Amazon rainforest is burnt to clear land for agriculture near Novo Progresso, Brazil, Sept. 23, 2013. Reuters/Nacho Doce

Days after the World Bank pledged to increase the institution’s commitment to climate financing to potentially $29 billion annually by 2020, the World Bank’s top climate official rejected the idea of setting a limit on the amount of financial assistance developed nations should provide developing nations.

Rachel Kyte, World Bank’s vice-president and special envoy for climate change, told the Guardian that the developed nations’ pledge to mobilize $100 billion per year in climate finance by 2020 “was picked out of the air.”

“If you think about the…

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