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According to the World Bank, it is going to raise at least $5.5 billion together with the governments of the United States, Britain and Japan with the goal of setting up climate change funds, which will be used for helping poor nations in applying "green" technology and undertaking global warming.

The World Bank agreed to set up the climate change funds in July, when a board meeting will take place. Katherine Sierra, who works as the bank's vice president for sustainable development, in an interview taken in Kobe, Japan, mentioned that the World Bank is going raise money by fall. The announcement came while Katherine Sierra was attending a meeting with the environment ministers from the Group of 8.

"We are hoping that initially the clean technology fund may begin with $5 billion and the other one may be $500 million for climate resilience," outlined Ms. Sierra. She also added that the next announcement could be made at the G-8 summit, which will he held in July.

The meeting held in a Japanese city Kobe represents a step towards creating a successor to the Kyoto Protocol regarding Global Warming. It is worth mentioning that the Kyoto Protocol expires in 2012. Representatives of the land of the rising sun hope the focus of the Group of 8 meeting, which will take place in Hokkaido, will represent a step to a new accord.

The meeting at Kobe also houses representatives from Australia, Brazil, China, India, Indonesia, Mexico, South Korea, South Africa and Antigua and Barbuda.

Previously the World Bank made an announcement that 40 developing and industrialized countries came to a conclusion to make two international investment funds, which will aid poor countries in applying clean technologies and tackle the negative influence of climate change.