News

Japan to invest over 1 bln. for the climate

By greenexpander ⋅ March 2, 2008 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

The country notorious for its whale hunting activies is prepared to invest up to $1.93 billion in an international fund that will encourage the use of renewable energy in developing countries. According to the Nikkei financial daily, the total fund of $4.82 billion will be made up by Japan, the United States and Britain.

Technologies that will benefit the most from this investment are mainly wind and solar power in less developed countries, authorities hoping that this move will encourage further private investments.

The United States announced their support for the program with $2 billion, also over three years while the British government will provide 800 million pounds. Spain and other European nations are considering participating, Nikkei said.

The official announcement about Japan’s support will probably come out tge G7 finance chiefs and central bank governors meeting in Washington in April.

Japan will play host this year for the G8 summit of industrialized nations and will try to address on climate issues with a 16-nation leaders parallel conference.

source: Nikkei, photo credit: flickr - ommphoto

Tags: environment, global warming, investment, japan, united states