Carbon Offsets Daily

, the Treasury Under Secretary for International Affairs, that the Clean Technology Fund (CTF) will seek to raise $10 billion over the next three years. He said "We are aiming, along with our donor partners in the G-8 and beyond, at a global effort of up to $10 billion over the next three years with the U.S. as the lead donor."

The CTF - to be launched later this summer, will encourage deployment of clean and efficient technologies in developing economies in order to reduce their carbon footprint. The recent growth and expansion of developing economies such as China and India, has brought about an increase in their energy consumption, which in turn has led to a significant growth in their emissions. Moreover, developing countries are generally inclined to use cheap, albeit dirty technology in order to bring down costs. McCormick said "..the greenhouse gas emissions of emerging and developing economies are rising more rapidly than the emissions of developed countries and will soon surpass them".

The CTF, to be administered by the will help developing countries curb their greenhouse emissions by bridging the financial gap between adoption of cleaner-and-green technologies, instead of traditional, more polluting means. The fund will also incentivize the private sector to invest in energy efficient technologies and promote international  cooperation to  combat  global warming.