Bank to suggest CO2 levy on jet, shipping fuel

BONN, Germany, June 5 (Reuters) – The World Bank will suggest a global levy on jet and shipping fuel in recommendations to G20 governments later this year on raising climate finance, a senior official said on Sunday.

Developed countries have already written off chances of agreement on a new binding deal at a U.N. conference in Durban this year, placing a new focus on piecemeal efforts including fund-raising.

Binding targets under the Kyoto Protocol cap the greenhouse gas emissions of nearly 40 industrialised countries but expire in 2012 and now look unlikely to be extended in time.