But Phil Clapp of the Pew Environmental Group called the president's proposal for a worldwide clean technology fund "a major landmark in addressing global warming." ABC News quotes Mr. Clapp as saying:
"Still, $2 billion is a very small amount of money given the scale of the problem. China alone is investing over $100 billion a year through its state-owned enterprises in new energy projects and resources, mostly in oil and coal-fired electricity. The president's proposed fund must be accompanied by a strong new climate treaty to direct global business investment into clean energy technologies."
While the president called for "an international agreement that has the potential to slow, stop, and eventually reverse the growth of greenhouse gases," he continued to insist that major developing countries would have to be included. US News and World Report added:
"Since Bush, while not naming China and India by name, also reiterated his oft-made point that the United States won't agree to a global climate deal that doesn't include those fast-growing economies, the clean-tech fund is an acknowledgment that maybe we should lend a hand if we want them to get on board, seeing that we expanded our own economy with the same cheap, dirty coal and lots and lots of oil."