LIMA, Peru – The world’s top development banks have pledged to boost their funding to lessen climate change’s impact, aiming for the goal of $100 billion a year that rich countries have pledged to transfer to developing countries by 2020.
The pledges were made as finance ministers met in Lima, Peru, on Friday, less than two months ahead of a climate conference in Paris considered pivotal if the brakes are to be put on global warming.
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French Foreign Minister Laurent Fabius calls the decision “a positive outcome” and predicts the international community will reach the $100 billion commitment made at the 2009 climate talks in Copenhagen.
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