The United Nations Development Program has issued a report proposing the creation of an international bank to regulate the trading of greenhouse gas emission permits. According to author Graciela Chichilnisky, the Global Environment Facility (GEF), an existing international funding institution, could be transformed into this new bank. The GEF currently provides help to developing nations in dealing with environmental issues such as climate change, biodiversity conservation, international water pollution, and depletion of stratospheric ozone. The new bank would be supplementing the work of the International Monetary Fund, the World Bank, and the World Trade Organization. The GEF will hold a meeting to discuss this possible new role in Italy in December. Copies of the report, titled “Development and Global Finance: the Case for an International Bank for Environmental Settlements,” may be ordered by calling (212)906-3683.
From Daily Regulatory Reporter, based on an article in the Daily Environment Report
