World Bank sets up $4.5B climate change fund

By Omer Aydin

PARIS (AA) - The World Bank Group and the Global Covenant of Mayors for Climate and Energy announced on Tuesday a $4.5 billion-fund for 150 cities around the world to fight the effects of climate change.

The announcement was made at the One Planet Summit in Paris, which was held to mark the second anniversary of the Paris Agreement on greenhouse gases.

The fund aims to support cities in fighting the increasing threats of climate change, according to the World Bank.

French President Emmanuel Macron, UN Secretary-General Antonio Guterres and the head of the World Bank Group, Jim Yong Kim, hosted the summit meeting.

"The battle for climate change has not yet been won, there is no plan B," said Guterres.

"This summit is a new phase in our common struggle," said Macron.

Former U.S Secretary of State John Kerry said it is an “embarrassment” that the U.S withdrew from the Paris Agreement, adding that this decision was made by U.S President Donald Trump, and not by Americans.

The Paris Agreement, signed by 195 countries in April 2016, aims to fight climate change by reducing carbon emissions and limiting global temperature rise to below 2 degrees Celsius.

The Global Covenant of Mayors for Climate and Energy is an organization supported by nearly 7,500 municipalities from 119 countries that operate locally, regionally and globally.

Nearly 100 government heads and senior officials from around the world are attending the summit.