press release
Friends of the Earth International
world bank missing its renewable energy
targets
climate change meeting to start in london on
november 1
New report available for preview or
download at
http://www.foe.org/camps/intl/institutions/renewableenergyreport10242005.pdf
LONDON (UK) / WASHINGTON DC (US) November
1, 2005 -- The World Bank is failing to play
an effective leadership role on climate
change and renewable energy, a new report
from Friends of the Earth US reveals.
The report is launched today (1st November
2005) as G8 countries meet in London for a
high-level dialogue on climate change and
clean energy.
'Power Failure: How the World Bank is
Failing to Adequately Finance Renewable
Energy for Development', questions the
central role that the World Bank claims it
wants to play by financing renewable energy
globally.
The report finds that the World Bank,
despite being tapped by the G8 countries to
develop a framework for financing renewable
energy sources, fell far short of its own
target for increasing financial support for
renewable energy and energy efficiency. The
Bank increased funding by only 7%, or $14
million, in fiscal year 2005 - less than half
its announced target of a 20% increase
annually over the next five years.
"Renewable energy projects provide a
tremendous opportunity to curb climate
change, while also promoting development and
addressing poverty. But the World Bank's
portrayal of itself as a key leader on
renewable energy globally is seriously
misleading," said David Waskow, International
Program Director of Friends of the Earth US
in Washington. "The London meeting should not
be another opportunity for governments and
the World Bank just to talk. We need serious
outcomes in real negotiations, not just more
hot air."
The renewable and efficiency financing by
the World Bank for fiscal year 2005
represents only 9% of all the Bank's
financing in the energy sector. Meanwhile,
the Bank continues to finance fossil fuel
pipelines and is making a move back into
destructive large dams for energy generation
in developing countries.
"The Bank will have to make immediate and
aggressive changes to dramatically increase
its renewable energy and energy efficiency
lending if it hopes to have any impact on
climate change before it is too late for
developing countries," said one of the
authors of the report, Elizabeth Bast, of
Friends of the Earth US.
Renewable energy like wind power, small
hydropower, and solar power, combined with
aggressive energy efficiency strategies, can
dramatically cut emissions of greenhouse
gases that lead to climate change. Renewable
energy also helps to alleviate poverty, and
can provide electricity to those without
access.
"The dialogue that will begin in London on
November 1 could play a crucial role in
building confidence in the run up to official
UN climate talks in Montreal, where some
strong outcomes are needed. But this dialogue
is not an alternative negotiating track and
cannot replace official meetings, real
commitments and the urgent need for genuine
action to tackle climate change," said
Catherine Pearce, Climate Change Campaign
Coordinator of Friends of the Earth
International in London.
for more information contact
In Washington DC (US):
David Waskow, Friends of the Earth +1
202-222-0716 or email
dwaskow@foe.org
Elizabeth Bast, Friends of the Earth US +1
202-222-0719 or email
ebast@foe.org
In London (UK):
Catherine Pearce, Friends of the Earth
International +44 (0)20 7566 1723 or email:
catp@foe.co.uk
notes
Announced at the G8 Summit in July 2005,
the Nov.1 London gathering is the first
meeting of the Dialogue on Climate Change,
Clean Energy and Sustainable Development.
Twenty countries, including all G8 countries
will gather in London on 1 November to
discuss issues to promoting clean energy. The
UK as G8 President will chair. The Dialogue
is due to report back during the G8 summit
hosted by Japan in 2008.
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