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World Bank’s Kim Urges Governments to Get Behind Carbon Market

Jan. 26 (Bloomberg) -- World Bank President Jim Yong Kim urged governments to help establish a global carbon market as the effects of climate change threaten the world’s poor countries.

In a November report the World Bank said that the earth risks “cataclysmic changes” caused by extreme heat waves, rising seas and depleted food stocks as it heads toward global warming of 4 degrees Celsius this century.

“I would like to see governments get behind a carbon market,” Kim said in an interview with Simon Kennedy of Bloomberg News in Davos, Switzerland. “People are starting to connect the dots. These extreme weather events are related to climate change and we need to act.”

He said the poor will suffer the most from climate change as the effects of child malnutrition last for a lifetime. Low-and middle-income countries will need help to remove energy subsidies, he said.

To contact the reporter on this story: Andrew J. Barden in Davos, Switzerland at barden@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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