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US to launch clean technology fund in 2008-Treasury
14 Jan 2008 20:20:47 GMT
 Source: Reuters
WASHINGTON, Jan 14 (Reuters) - The United States will press forward with a multibillion-dollar "clean technology fund" this year to help China and other developing countries finance advanced technologies to cut greenhouse gas emissions and other pollutants, a top Treasury official said on Monday.

The fund aims to "put a dent in the funding gap" between more expensive advanced technology that reduces pollution and energy use and older, cheaper technology, David McCormick, Treasury Undersecretary for International Affairs, said in prepared remarks to a conference in La Jolla, California.

"We have already held discussions with potential donors with this fund and we look forward to establishing it later this year," McCormick said, adding that the United States will be one of the lead donors.

McCormick said many developing countries prefer to use the lowest-cost alternatives to stretch their resources in developing power and industrial infrastructure and this often means using older, dirtier technology. He said that through 2030 it may cost developing countries an additional $30 billion to switch to cleaner technology.

"That's $30 billion these countries need for technologies that are available today to fuel growth in an environmentally friendly way," McCormick said. (Reporting by David Lawder' Editing by Jonathan Oatis)


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A vendor sells cooked noodles on a street in Xiangfan, Hubei province January 14, 2008. China on Monday declared its four-month campaign to ensure food safety a complete success, with all ...


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Last updated:Mon Jan 14 20:18:29 2008