Ahead of this weekend’s G8 Finance Ministers’ meeting, the treasury secretaries of Japan, the US and the UK have launched a call for G8 countries to commit cash to two World Bank funds – one on technology transfer for major developing country emitters, and one to help finance adaptation costs. The US will apparently hold a pledging conference later this year to try to raise an initial $10 billion; the three countries have pledged $5 billion of that.
Naturally, Global Dashboard readers will immediately jump to the question: is the UK’s contribution loans or grant aid? Let’s be very clear from the outset: the word “donate”, used in briefing the FT, means “to present as a gift, grant or contribution”. The Treasury website is silent about the new initiative, but fear not: we’ll be keeping our eyes peeled on this one.
In other news, Gordon Brown has confirmed he’ll go to the Saudis’ summit conference on oil prices (where it looks like he may be the only head of state attending). The Guardian tells us he thinks that
it would be necessary to build 1,000 nuclear power stations worldwide to combat … what he described as the world’s oil addiction.
Sigh. Again: petrol and electricity ain’t the same thing, Gordon…
