Budapest- The Nobel Peace Prize-winning Intergovernmental Panel on Climate Change (IPCC) was Wednesday set to begin a meeting in Budapest to shape its agenda for the next six to eight years.

The 28th assembly of the IPCC will decide how to use the 5 million Swedish kronor (0.75 million dollars) awarded as part of the Peace Prize, what direction research will take in the near future and how the panel will be organized.

IPCC Chairman Rajendra Pachauri will also launch a paper on the effects of climate change on the earth's water supply.

The body was last year awarded the Peace Prize along with former US Vice President Al Gore for increasing public awareness of man-made climate change.