|
Nov 01, 2005 -- M2 PRESSWIRE
G8 ministers meeting in London today (Tuesday 1st November) risk contributing yet more hot air to the discussions on tackling climate change, Friends of the Earth warned, unless they agree firm action with clear funding for sustainable energy [1]. The call comes as a new report shows that the World Bank - envisaged as a key player in the G8's clean energy initiative - is failing to meet existing targets for increasing finance for renewable energy projects [2]. The G8 statement on climate change, issued at the Gleneagles Summit in July, suggested a new mandate for the World Bank to establish financial instruments and to develop a clear framework to accelerate the adoption of clean technologies. But the new report reveals that despite a current commitment to increase funding by 20 per cent annually over the next five years, the Bank only increased funding for renewable energy and energy efficiency projects by seven per cent in the 2005 fiscal year. But Friends of the Earth warned that the G8 initiative must not undermine the Kyoto Protocol process, which provides an international mandate for tackling climate change. Ministers meet in Montreal this December for the first meeting of the Parties to the Kyoto Protocol - including all the countries which have signed up to the international treaty to reduce greenhouse gas emissions Friends of the Earth International Climate Campaigner Catherine Pearce said: "Ministers meeting in London must use this dialogue as a stepping stone to the UN negotiations in Montreal and work towards real targets with proper funding. Warm words and woolly commitments are not enough. Climate change is threatening the lives of millions. We must see real progress on the development of sustainable energy." David Waskow, International Program Director for Friends of the Earth US, said: "Renewable energy projects provide a tremendous opportunity to curb climate change, as well as promoting development and addressing poverty. But the World Bank's portrayal of itself as a key leader on renewable energy globally is seriously misleading. We need serious outcomes in real negotiations, not just more hot air." The renewable and energy efficiency financing by the World Bank for fiscal year 2005 represents just nine per cent of all the Bank's financing in the energy sector. At the same time, the Bank continues to finance fossil fuel pipelines and is also looking at financing damaging large dams for energy generation in developing countries. 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. NOTES [1] Announced at the G8 Summit in July, the London gathering is the first meeting of the Dialogue on Climate Change, Clean Energy and Sustainable Development. Twenty countries, including all G8 countries discuss issues around 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. [2] 'Power Failure: How the World Bank is Failing to Adequately Finance Renewable Energy for Development', Friends of the Earth US, Published Tuesday 1st November 2005 - available for preview at: http://www.foe.org/camps/intl/institutions/renewableenergyrepo rt10242005.pdf[1] .. [1] http://www.foe.org/camps/intl/institutions/renewableenergyreport10242005 .pdf http://www.foe.co.uk/resource/press_releases/world_bank_failing_to_meet_ 01112005.html CONTACT: Catherine Pearce, Friends of the Earth International Tel: +44 (0)20 7566 1723 M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com . News Provided By |
