World Bank Operations and Climate Change

• Bank operations have evolved an approach to climate change since 1992.
  
  
• Bank strategies have continually stressed energy efficiency and removal of price distortions.
  
  
• About two-thirds of CASs in countries with high GHG emissions included a related goal, but only half of those that mentioned energy efficiency included specific objectives.
  
  
• Carbon accounting provides a way to balance the environmental costs and benefits of investments, but it should be approached with care.
  
  
• A systemwide approach is important to take account of trade-offs among economic and environmental costs and benefits.