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Bloomberg Helps Strike Deal With 40 World Cities To Cut Greenhouse Emissions

SAO PAULO (CBSNewYork/AP) - The World Bank and 40 cities from around the world joined forces Wednesday with a pledge to reduce greenhouse gas emissions.

The bank reached the agreement with the C40 Cities Climate Leadership Group, a coalition founded in 2005 with the aim of reducing carbon emissions. The chairman of the group is Mayor Michael Bloomberg.

Bloomberg, World Bank President Robert Zoellick and former President Bill Clinton announced the new partnership during the opening session of the C40 Large Cities Climate Summit.

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All three say the partnership will help cities to finance projects aimed at reducing carbon emissions while also supporting growth.

"The leaders of C40 Cities - the world's megacities - hold the future in their hands,'' Bloomberg said. "This unique partnership with the World Bank will help solve many of the problems that cities face in obtaining financing for climate-related projects, both from the World Bank and other lenders.''

According to the World Bank, C40 cities account for 8 percent of the global population, 12 percent of global greenhouse gas emissions, and 21 percent of the world's global gross domestic product.

In his speech, Zoellick said the agreement will help cities "integrate growth planning with climate-change adaptation and mitigation, with special attention to the vulnerabilities of the urban poor.''

Clinton added that the partnership "will provide essential tools to help cities become more sustainable, grow their economies, create jobs, promote energy independence, and ensure a stable future for generations to come.''

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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