The World Bank's new Environmental and Social Framework, four years in the making, is designed to ensure that the approximately $30 billion the bank invests each year goes to projects that are safe for people and the environment. This framework is likely to have an impact on the policies of other development banks and governments around the globe.
The urgent imperative of tackling climate change is rarely associated with the dry science of budgeting and fiscal policy—but it should be. Director of WRI's Governance program Mark Robinson explains.
A new initiative launched in Paris this week demonstrates the growing recognition that action by financial institutions – both public and private – is necessary to begin shifting trillions of dollars toward low-carbon development.
A new report lays out clear recommendations for how the Chinese government can put the right policies in place to shift investments from polluting to sustainable industries.
The International Development Finance Club (IDFC)—a group of international, national, and regional development banks based in the developed and the developing world—released its annual report on green investment (i.e. mitigation, adaptation and ‘other’ environmental finance which includes environmental protection and remediation related projects)—as the world’s climate negotiators were meeting in Lima, and its numbers are significant.
A new report from the International Monetary Fund (IMF), Getting Energy Prices Right: From Principle to Practice, argues that the costs of coal, natural gas, gasoline, and diesel fail to account for these fuels’ environmental and social impacts—such as greenhouse gas emissions, air pollution, and traffic deaths.
Setting prices that reflect these side effects—through taxes, licensing, or cap-and-trade systems—could reduce deaths from fossil fuel-related air pollution by 63 percent, decrease global carbon dioxide emissions by 23 percent, and generate revenues totaling about 2.6 percent of global GDP.
One of the biggest successes from 2009’s COP 15 conference was securing funding for climate change adaptation and mitigation in developing countries. Donor nations agreed to “provide new and additional resources […] approaching $30 billion for the period 2010–2012, with balanced allocation between adaptation and mitigation.” They also committed to mobilize $100 billion a year by 2020.
But the agreement left a key question unresolved: how should funding be “balanced” between adaptation and mitigation? Should the funding balance be 50/50 between adaptation and mitigation or should it based on each country’s needs? Should funding include both private and public sector investment? These are some of the questions that negotiators will need to address during COP 19 in Warsaw.
But whatever they decide as being a “balanced commitment,” one thing is clear: finance for adaptation needs to increase in the coming years.
GENEVA/WASHINGTON – Many financial institutions measure and report their own greenhouse gas emissions, but the real impact is in their value chains.
As part of the international climate negotiations, developed country governments committed to provide developing countries with “new and additional resources, including forestry and investments through international institutions, approaching $30 billion in the period 2010-2012 with balanced alloc
BNDES is Brazil’s key financial institution for domestic long-term financing, and it’s one of the main financial engines behind Brazil’s take-off as a leading Latin American economy. Its lending and equity investments are becoming increasingly important internationally.
But what’s driving all of this growth? And what standards exist to ensure that Brazil’s overseas investments aren’t coming at the expense of the environment and human well-being? WRI seeks to address these questions and more in its new slide deck, “Emerging Actors in Development Finance: A closer look at Brazil’s Growth, Influence and the Role of BNDES.”
The Problem: Projected climate change mitigation investment needs in developing countries--including for low-carbon sectors--are significant,
From June 22-24, the Asian Development Bank (ADB), the U.S. Agency for International Development (USAID) and the World Resources Institute (WRI) will co-host the premiere knowledge-sharing platform for clean energy investment in Asia, the 6th Asia Clean Energy Forum (ACEF). Taking place in Manila, Philippines, the event brings together energy leaders from around the world to discuss clean energy policy, regulation, financing and innovative business models.
China’s overseas presence has brought a new way of doing business to the world.
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.
In consultations, a range of countries and interest groups have called for an energy strategy that supports sustainable development.
The UN Climate Talks in December 2010 concluded with a set of decisions known as the Cancun Agreements, which included the establishment of the Green Climate Fund (GCF). Having been involved in many of the negotiating sessions, I know that this fund is seen by many, particularly developing countries, as an opportunity to create a ‘legitimate’ institution for delivering scaled-up finance to address climate change.
The 2009 Copenhagen Climate Summit left unresolved major questions about how to fund lowcarbon development in developing countries. In a high-level political declaration—the “Copenhagen Accord”—developed countries agreed to “provide new and additional resources . . . approaching USD