An innovative fund financed by the world's richest countries is needed to solve the problems faced by poor countries suffering from climate change, Louis Michel, European commissioner for development and humanitarian aid, told delegates today at the European Development Days event.
The proposal to create a "global fund" that will allow developing countries to fight climate change came at the close of the three day long conference in Lisbon which attracted hundreds of delegates from government development agencies, nongovernmental organizations and civil society.
Commissioner Michel said he would pursue "a global fund which will provide the huge financial resources which are needed to fight climate change, here and now."
This lending fund, which could be managed by international institutions, would be wholly supported and financed by the richest countries.
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