Global financial crisis is hot topic at the moment, and this hot topic has raised certain questions, more precisely doubts, whether given the current global financial situation rich countries keep funding developing countries in global fight against climate change. World Bank created special fund for this purpose, Climate Investment Fund that should gather a total sum of $6.1 billion from rich countries, but the question of its efficiency has raised couple of eyebrows, especially given the current financial crisis.
According to Kathy Sierra, the international lending organization's vice president for sustainable development "countries are still very resolute and they are going to continue to support these types of activities because they see both a short-term and a long-term implication". However some doubts still remain, and it will be interesting to see under which conditions will such large funds flow into the lately problematic private sector.
Though these words sound reassuring many financial experts believe that countries will need much more resources to bailout troubled financial institutions. If this happens we should expect reallocation of all available resources into financial sector, including the ones intended for fight against climate change. Because impact of climate change still means much less to the one making decision than combat against climate change.
Just take a look at the latest developments; countries around the world investing huge funds into troubled financial institutions in the matter of days, but once there is the issue of ecological problems like climate change it takes years just to make an agreement, which in many cases ends up only in paper as these agreements very rarely transform from letters on paper to real action.
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