The World Bank said on Tuesday that it will launch a new multi-million-U.S. dollar fund to help developing countries respond to the challenges of climate change.

"We know that the poorest countries will suffer the earliest and the most from climate change," said World Bank President Robert Zoellick who travels to Cancun, Mexico, this week to attend the ongoing 16th UN Conference on Climate Change.

"They will bear the brunt of changing weather patterns, water shortages, and rising sea levels even though they are the least equipped to deal with them," he said.

While in Cancun, Zoellick will meet with government leaders and others attending the conference to help work toward a successful outcome and to share experiences and lessons learned on effective climate action, the Washington-based agency said in a statement.

He would also help to start a new initiative to boost access to renewable energy by climate vulnerable island states and an international "roadmap" for action on how agriculture can achieve the "triple win" of increased food productivity, reduced greenhouse gas emissions, and enhanced resilience to climate change.

"We are fully engaged and have been ramping up our efforts with countries as they put in place practical, effective solutions leading to low-carbon growth and inclusive efforts to overcome poverty," he added.