A new multi-million dollar fund that will help emerging market countries set up their own carbon target markets is set to launch.
World Bank president Robert Zoellick announced the fund, which will launch in Cancun, Mexico, today during the global climate negotiations to impose sterner sanctions to cut carbon emissions.
The countries that will benefit from this fund are expected to be China, Mexico, Chile and Indonesia, according to Reuters.
Zoellick said developing countries are bearing the brunt of changing weather patterns, water shortages and rising sea levels and in turn are making strides towards being climate smart.
The fund could reach up to US$100m and will provide technical support to assist developing countries.