News | 11.12.2007 | 08:00 UTC

Climate conference agrees to set up a climate fund

The UN climate conference on the Indonesian island of Bali has reached an agreement on financing a fund to help poor countries adapt to climate change. The new fund is slated to be stocked with some 500 million dollars by the year 2012. The money is meant to be used for building dikes or irrigation systems in countries affected by drought or rising sea levels. Critics claim, however, that the fund is not nearly sufficient to cover the estimated 85 billion dollars per year that will be needed to combat the consequences of climate change in developing countries in the coming decades.

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