Recognizing the fact that developing countries have a hard time reducing pollution, the World Bank has set up a multi-billon dollar fund to help them create more energy-efficient, clean-burning industries. 

The fund will support publicly and privately financed projects that deploy technologies that can cut emissions, increase efficiency and save energy. The World Bank clean technology fund would receive some of the $2 billion in climate funds U.S. President George W. Bush announced last month, and part of the $1.5 billion Britain pledged to "environmental transformation" last year. Japan has also pledged $10 billion to fight pollution in developing countries, but it’s unclear how much of this will go through the World Bank.

The World Bank has a spotty record with its aid and environmental programs around the world, so the devil is in the details with this latest fund. Too often, the World Bank has pushed free-market ideology on developing countries, and then accused them of corruption when projects fall apart. Let’s hope the Bank has learned some lessons from the past, and will apply them in this latest environmental initiative.