WASHINGTON, October 7, 2008: Even as global financial turmoil dominated the headlines, several countries joined forces in an effort to help developing countries address the challenges of climate change.
Ten industrialized nations meeting at the World Bank in Washington September 26 pledged 6,1 billion US dollar (godt 32 milliarder DKR) to two new Climate Investment Funds.
The funds scale up energy efficiency, low-carbon technologies such as wind power and solar energy, and pilot new approaches to building climate resilience in countries threatened by climate change, as well as forest investments and renewable energy.
Such strong support for efforts to fight climate change “in the middle of financial turmoil” is encouraging, says World Bank Lead Environmental Economist Kseniya Lvovsky. “It shows the climate change agenda remains very important for international leaders.”
Indeed, climate change will be a key topic at the Annual Meetings of the World Bank and International Monetary Fund this month.
Among other events, the World Bank will present its new report, Development and Climate Change: A Strategic Framework for the World Bank Group, to development and finance ministers on October 12.
The Strategic Framework, reviewed over more than five months of consultations by 1.800 participants from 76 countries, defines the World Bank Group’s role in addressing a problem that is likely to cause the greatest distress to countries least responsible for it.
Helping countries adapt is key role
While the United Nations Framework Convention on Climate Change (UNFCCC) leads on global policy and cooperation to reduce greenhouse gases, the World Bank Group’s emphasis is on helping some of the world’s poorest nations adapt to climate change and manage risks.
The Bank Group is working with other development partners to mobilize financing for climate change adaptation. Of the 6,1 billion US dollar pledged to the new funds, just under one billion went to the Strategic Climate Fund. A significant portion of the financing will be used to pilot programs to enhance climate resilience in 10 to 15 of the most vulnerable low-income countries.
The Bank Group is also focused on improving access to energy. Some 1,6 billion people still don’t have electricity.
While conventional energy “will still be around for some time,” the Bank’s goal is to help countries develop their energy resources in a sustainable manner by supporting country-led programs in renewable energy, energy efficiency, and cleaner conventional technology, Lvovsky says.
The new Strategic Framework builds on recent jumps in World Bank Group financing for low-carbon energy:
Funding for renewable energy and energy efficiency increased by 87 per cent in fiscal year 2008, which ended June 30.
The Strategic Framework predicts 50 per cent of the Bank Group’s financing for energy will be low-carbon by 2011.
– The key for us—in our core mission of overcoming poverty—is to make sure developing country growth is not compromised because of the costs of climate change, says Lvovsky.
New Opportunities for Renewable Energy and Energy Efficiency Projects
The new Clean Technology Fund will provide 5,2 billion US dollar in funding for scaling up low-carbon power and transport technologies and energy efficiency in buildings, industry, and agriculture.
Wind, geothermal and concentrated solar power, urban transport, and demand and supply-side energy efficiency efforts, are all potential areas of investment, says Rohit Khanna, a senior operations officer at the Bank.
Kilde: www.worldbank.org
