WASHINGTON, September 24, 2005 — Responding to the recommendations of the July G-8 Summit Plan of Action on Climate Change, the G-8 Presidency (United Kingdom) and the World Bank today launched work on an Investment Framework for clean energy and sustainable development during the World Bank-IMF Annual Meetings. Early results on the design of that investment framework will be presented next year. "We have an opportunity today, to think outside the box and find new ways, practical solutions, to promote the generation and diffusion of low carbon technologies and the integration of climate concerns in development strategies. Let's work together for a climate friendly future." said World Bank President Paul D. Wolfowitz. The G-8 Summit at Gleneagles recommended the creation of an investment framework for clean energy and sustainable development. "You are best placed to align energy investment needs with the common objective of a less carbon intensive and more climate resilient global economy," Wolfowitz added. Participating in today's meeting were Ministers of Finance and Development from developing countries and the G-8, including Brazil, Canada, India, Iran, Japan, Russia, South Africa, Sweden, as well as heads of Regional Development Banks, such as the Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD). Ministers from developing countries, on their part, highlighted the interdependence between developed and developing countries on this issue, the need for technology transfer, and stressed the role they can play in bringing the investment framework to action. According to Hilary Benn, Secretary for Development, United Kingdom, "Climate change poses one of the greatest threats to the world today - and the impact is felt most by the poor. It risks undermining gains made in agriculture, health, and infrastructure. In other words, it risks eroding progress towards meeting the Millennium Development Goals (MDGs). We need concerted, collaborative action now to make sure that we start finding solutions and do not lock in the problem. And we much ensure that the poor, who are most vulnerable to climate change, are able to manage the risks." Today's meeting with Finance and Development Ministers represents a key milestone in the process launched by the G-8 Summit. It culminates a series of gatherings facilitated by the World Bank held throughout the month of September, convening senior representatives from regional development banks, international financial multilateral institutions, the reinsurance industry, private investment banks, and technology companies to explore practical solutions for achieving a less carbon intensive and more climate resilient development path. The G-8 presidency will host a Ministerial Conference to launch the "Dialogue Initiative on Climate Change, Clean Energy, and Sustainable Development" on November 1st, in London. Participating will be G-8 nations, developing countries including the largest emerging economies that attended Gleneagles (Brazil, China, India Mexico, and South Africa), and other countries with significant energy needs. The Conference was announced by Prime Minister Tony Blair during the G-8 Summit in Gleneagles. The World Bank and the International Energy Agency will also be represented at that gathering. For more information, see the websites:
http://www.worldbank.org/sustainabledevelopment
http://www.g8.gov.uk |
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