The G8 Gleneagles Summit in Scotland two years ago asked the World Bank to produce a roadmap for accelerating investments in clean energy for the developing world, in cooperation with the other international financial institutions.
The Clean Energy Investment Framework (CEIF) identifies the scale of investments needed to:
increase access to energy, especially in Sub-Saharan Africa;
accelerate transition to a low carbon economy; and
adapt to climate variability and change.
According to the Framework, the power sector needs $165 billion in investments each year this decade. Only about half of that is financed. Tens of billions of US $ per year are also required to cover the incremental costs of transitioning to a low carbon economy.
A CEIF Action Plan, which provides an update of work undertaken to date as well as actions planned by the World Bank Group in support of the CEIF, will be a background paper for discussion in the Development Committee at the World Bank – IMF Spring Meetings in April 2007.
Towards a Low Carbon Development Path
Moving to a low carbon path will require a long-term equitable global regulatory framework to reduce greenhouse emissions – a framework:
in which rich countries show leadership by supporting developing countries in exchange for the global benefit of greener, smarter growth;
that provides certainty to stimulate research and development in transformational technologies; and
that allows carbon markets to thrive and bring financial flows to developing countries to the tune of $100 billion within a few decades.1 According to Yvo de Boer, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), these financial flows could go a very long way towards addressing climate change in developing countries.2
Emmanuel Ayomide Praise is a world leading internet entrepreneur and investor. Some of his areas of interest include sport management, merchandise, ownership, internet entrepreneurship, investments, media and writing amongst others.
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