Published on March 18th, 2008 | by Maria Surma Manka2
China Wants International Cleantech Fund for Itself
March 18th, 2008 by Maria Surma Manka
Perhaps China’s been peering over India’s shoulder, watching the deals it’s worked out with Australia to fund its burgeoning cleantech market; and it wants some of the same.
Like China, many emerging economies need and want to cut their global warming emissions but don’t have the money to purchase the latest technologies. So China’s come up with the idea of a Multilateral Technology Access Fund to use rich nations’ capital to fund cleantech in poorer nations. Specifically, the country calls on developed nations to allocate at least .5 percent of their annual GDP to help distribute cleantech beyond commercial interests.
The Access Fund idea was discussed at a forum about next steps after the Kyoto Protocol expires. We’ll see whether the developed nations bite on this idea whole-heartedly or even strike some sort of balance with assisting the devloping world grow sustainably while also making sure that they are investing in the necessary resources at home.
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