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Financing Clean Energy: A Framework for Public-Private Partnerships to Address Climate Change
(2007-03-13) Wolfowitz, Paul
Paul Wolfowitz, President of the World Bank, discussed how to meet the rising demand for energy while reducing our carbon footprint. Rich countries need to lead by example, renovating and replacing infrastructure and investing in clean technology. Rich countries also need to lead with direct support to developing nations, both to reduce poverty and reduce carbon emissions. Moving to a low carbon path will require investments, and a long-term equitable global regulatory framework to reduce greenhouse gas emissions. The Bank has been actively supporting climate-friendly solutions in four areas: efficiency and conservation, renewable energy, forest preservation, and adaptation to climate change.
Remarks at Washington Legislators Forum on Climate Change, Washington, D.C., February 14, 2007
(2007-02-14) Wolfowitz, Paul
Paul Wolfowitz, President of the World Bank, remarked that we are seeing today an emerging global consensus that we must do something about climate change. But equally important is the agenda to reduce poverty. We face this double challenge of reducing damaging carbon emissions, and still meeting the energy demands of the world’s poor. The role of the World Bank Group is to provide technical support to pilot innovative ideas, to work with countries to develop alternative strategies, and to listen and partner with the private sector which is going to provide much of the engine in innovation and financing. Carbon trading could generate resource flows in the order of $200 billion a year. The Bank is helping developing countries to move to a lower carbon path by exploiting renewable energy resources, supporting energy conservation, and increasing efficiency. Second, the Bank is playing a role is in promoting new technology. The third focus of the Bank is to prevent deforestation. Fourth, the Bank is among the leaders in addressing adaptation to climate risk by pioneering insurance work. We need to act sooner rather than later, today rather than tomorrow.
Clean Energy for Development
(2006-03-06) Wolfowitz, Paul
Paul Wolfowitz, President of the World Bank, in the development community, the interaction of energy, environment, and poverty have emerged as a central challenge. Lack of consistent electricity in developing countries is a severe obstacle to doing business. It is also affecting school attendance, particularly among girls. Inefficient energy sources can also pose health problems—as many as 1.6 million deaths per year due to indoor smoke. Rich and poor countries alike need to apply energy-efficient technology to cut greenhouse gas emissions. At the G8 summit in Gleneagles, the World Bank Group was asked to take a leadership role in creating a new framework for clean energy and development, including investment and financing. In the first phase we will propose accelerated investments. In the second phase, we aim to generate new knowledge on technology options and the impact on climate change. Wolfowitz summarized the Bank’s ongoing energy spending activities.
Reaching for a Double Dividend
(2005-12-20) Wolfowitz, Paul
Paul Wolfowitz, President of the World Bank, shared his thoughts about how the global community can face the double challenge of protecting our environment and strengthening our economies. Brazil is working to turn this double challenge into a double dividend, by meeting energy needs that are essential for growth and fighting poverty, while leaving a smaller environmental footprint. Investing in the environment is investing in the future of the poor. To improve the lives of the poor and to create job opportunities for them, the developing countries need much more energy than they use today. The second and much greater challenge lies in slowing the threat of deforestation. The World Bank Group’s mission is to support economic development and policies that helps the poor. He concluded saying that we can and will continue to work with Brazil to raise global consciousness about our shared responsibility toward our environment.