Why is Asia such an important region for clean energy deployment? WRI experts respond.
multilateral development banks
The landscape of development finance is changing rapidly. Traditionally, international financial flows moved from developed countries to developing countries. In the last decade, however, major emerging economies such as China and Brazil have fueled a growing trend of South-South development flows by increasingly channeling their overseas investments to other developing countries.
As the reporting deadline for 2010 looms, developed countries will need to prove that they are honestly meeting their modest $30 billion commitment.
Today, WRI releases an updated summary of developed countries’ “fast start” climate finance pledges. These funds are intended to help developing countries reduce emissions and adapt to climate change from 2010-2012.
To date, 21 developed countries and the European Commission have publically announced individual fast-start finance pledges totaling nearly USD 28 billion to meet the USD 30 billion commitment in the 2009 Copenhagen Accord.
The World Bank has begun an effort to strengthen its environmental and social safeguards. But how relevant will these safeguards be after the Bank’s parallel proposals to “modernize” the way it does business?
As an institution of 10,000+ staff, owned by 187 governments, the World Bank invests in a wide range of development activities to help meet the needs of a wide range of borrowers. The bank’s environmental and social safeguards have emerged as a consistent approach to ensure, across these diverse contexts, that its investments “do no harm,” particularly when investments do not go as planned.
In consultations, a range of countries and interest groups have called for an energy strategy that supports sustainable development.
This post originally appeared on the World Bank blog Development in a Changing Climate
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