The proceeds of the five-year green bond will finance IFC low-carbon investments in green projects, including renewable energy, green buildings, sustainable forestry, and energy efficiency.
Approximately half of the investments were from Canadian interests Canadian, followed by Asian (26 pct), EMEA (16 pct) and the Americas (8 pct).
IFC issued it firs Green Bond its first issuance in 2010. (Source: IFC, Saur Energy, 7 Sept., 2019)
Contact: World Bank International Finance Corporation, www.ifc.org
More Low-Carbon Energy News International Finance Corporation, Green Bond, Low-Carbon Energy,
In July, the EU-backed EEEF has signed an agreement with the International Finance Corporation, a member of the World Bank Group, under which the partners will allocate $235 million to upgrade Ukraine's energy efficiency for some 6,000 homes over a four-year period. (Source: Ukrinform, Xinhua, 5 Sept., 2019) Contact:
European Energy Efficiency Fund, www.eeef.eu
More Low-Carbon Energy News Energy Efficiency Funding,
Developed and created by the IFC, EDGE is a measurable way for builders to optimize their designs, leading to a more investment-worthy and marketable product. EDGE helps project design teams and owners identify and assess the most cost-effective ways to incorporate energy and water saving options into nuilding projects.
In December 2018, Bank Winhoek and IFC collaborated to develop the Bank's Green Bond Framework for the Green Bond. The Bank obtained additional sources of funding for its green lending activities by raising funds in the debt market through a local Green Bond issuance, of which the proceeds will be used solely to finance eligible green projects and assets throughout Namibia.
(Source: IFC, Bank Windhoek, New Era, 20 Aug., 2019)
Contact: Bank Windhoek, www.bankwindhoek.com.na; World Bank International Finance Corporation, www.ifc.org
More Low-Carbon Energy News International Finance Corporation ,
Under the scheme, cement producers and traders will be charged US$0.09/t of clinker, equivalent to US1.35/t of CO2. The tax is lower than the World Bank's Forest Carbon Partnership Facility pledge to pay for emission reduction efforts in North Central Region of US$5/t of CO2. The provinces running the tariff are expected to generate around US$7.4 million per year.
(Source: Vietnam News Agency Bulletin, Global Cement News, 4 Aug., 2019)
More Low-Carbon Energy News Cement, Carbon Tax,
The Emission Reductions Payment Agreement (ERPA) with the Forest Carbon Partnership Facility (FCPF) carbon fund, is administered by the World Bank and unlocks unlocks performance-based payments of up to $50 million for carbon emission reductions from the forest and land use sectors.
Under the ERPA, the FCPF carbon fund commits to making initial results-based payments for reductions of 10 million tonnes of CO2 emissions. The agreement also specifies on carbon emission baselines, price per ton of avoided CO2 emissions, and a benefit-sharing mechanism. Ghana's emission reductions programme area covers 1.2 million hectares of forest reserves and national parks.
In Ghana, forest degradation and deforestation are driven primarily by cocoa farm expansion, coupled with logging and a recent increase in illegal mining.
(Source: World Bank, Ghana News Agency, 10 July, 2019) Contact: Ghana Forestry Commission, Kwadwo Owusu Afriyie, CEO, +233 30 240 1210, www.fcghana.org; World Bank Group, www.worldbank.org
More Low-Carbon Energy News World Bank, Climate Change, Carbon Emissions, Deforestation,
In 2017, Sri Lanka ranked second among countries most affected by extreme weather events -- extreme temperatures, flooding and drought -- and is expected to see a 1.2 pct drop in annual GDP by 2050 due to climate change.
The Program is designed with flexibility for adaptive learning and the potential for private sector participation. (Source: World Bank, Modern Diplomacy, 27 June, 2019) Contact: World Bank Group, www.worldbank.org
More Low-Carbon Energy News World Bank, Climate Resilience, Climate Change Mitigation,
The report notes that $30.2 billion (70 pct) of the 2018 total was devoted to climate change mitigation investments that aim to reduce harmful greenhouse gas emissions and slow down global warming. The remaining $12.9 billion (30 pct) was invested in climate change adaptation efforts to help address mounting impacts of climate change, including worsening droughts and more extreme weather events from extreme flooding to rising sea levels.
Since 2011, the six MDBS have committed nearly $237 billion in climate finance for developing and emerging economies. MDBs' climate finance aims to ensure that global financial flows are consistent with the Paris Climate Agreement.(Source: World Bank, Modern Diplomacy, June, 2019) Contact: World Bank Group, Mehreen Sheikh,
More Low-Carbon Energy News Climate Change, Climate Change Mitigation, Climate Finance,
The card uses the Aland Index to quantify consumers' carbon footprint and compute offset costs using the World Bank's carbon price. Consumers can use the data supplied to either reduce their carbon footprint through behavior change, or to buy offset credits from UN-certified projects that reduce, avoid or remove GHG emissions.
Users can also directly compensate for their GHG emissions, through projects meeting the criteria of UN-certified green projects. To identify the carbon dioxide (CO2) impact of each transaction, the Do card uses the Aland Index, developed in 2017 by Bank of Aland in Finland.
Partnering with the Framework Convention on Climate Change (UNFCCC), the initiative encourages users to compensate their carbon footprints in UN-certified projects that reduce, avoid or remove GHG emissions. The projects are implemented in developing countries and are rewarded with Certified Emission Reductions (CERs) as well as Gold Standard. Ranging from cleaner-burning cook stoves to wind-generated electricity and clean waste disposal, all projects contribute to global emissions reductionsA savings product by the company offers an interest rate that includes investment in climate-friendly projects. (Source: UNFCCC Press Release, 30 April, 2019) Contact: UNFCCC, www.unfccc.int
More Low-Carbon Energy News Carbon Emissions, Climate Change, UFCCC,
The Energy Storage Partnership (ESP) comprises the World Bank Group and 29 organizations working together to help develop energy storage solutions tailored to the needs of developing countries whose grids are not yet fully considered in the current energy storage market -- even though these countries may have the largest potential for battery deployment.
There is a clear need to catalyze a new market for batteries and other energy storage solutions that are suitable for electricity grids for a variety of grid and off-grid applications and deployable on a large scale.
The Energy Storage Partnership (ESP) is intended to foster international cooperation on: technology and R&D; system integration and planning tools; policies, regulations and procurement; and enabling systems for management and sustainability. By connecting stakeholders and sharing international experiences in deploying energy storage solutions, the ESP's holistic approach will help bring new technological and regulatory solutions to developing countries, help develop new business models and help expand the global market for energy storage.
The ESP will complement the WBG's $1 billion battery storage investment program announced in September 2018 to significantly scale up support to battery storage projects and raise an additional $1 billion in concessional finance. (Source: World Bank, PR, 28 May, 2019) Contact: World Bank Group, Riccardo Puliti, Senior Director and Head of the Energy and Extractives Global Practice, www.worldbank.org
More Low-Carbon Energy News World Bank, Energy Storage,
Facility partners include the German government and private sector companies, Rio Tinto and Anglo American. The Facility will also assist governments to build a robust policy, regulatory and legal framework that promotes climate-smart mining and creates an enabling environment for private capital. Facility projects may include:
The World Bank is targeting a total investment of $50 million, to be deployed over a 5-year timeframe. The Facility will focus on activities around four core themes: climate change mitigation; climate change adaptation; reducing material impacts and creating market opportunities, contributing to the decarbonization and reduction of material impacts along the supply chain of critical minerals needed for clean energy technologies.
(Source: World Bank Group, Modern Diplomacy, May, 2019) Contact: World Bank Group,
Riccardo Puliti, Senior Director and Head of the Energy and Extractives Global Practice, www.worldbank.org
More Low-Carbon Energy News World Bank, Climate Smart, Climate Change, Carbon Emissions,
The funding is aimed at helping African countries manage the risks of a changing climate while unlocking new investment opportunities. The IFC and MIGA, the Group's private sector arms, will also grow their climate activities in Africa.
More than half of the $22.5bn financing will be devoted to supporting adaptation and resilience in Africa. This year, for example, the World Bank will provide the government of Ethiopia with a results-based support program for adaptation and resilience, the largest done by the World Bank ever in Africa. The new operation, which is currently under preparation, will provide $500 million for results in improved watershed management and land administration systems.
In addition, the World Bank, will carry out intensive Nationally Determined Contributions (NDC) engagements with Rwanda and Kenya, under the framework of the NDC Partnership, and with generous support from Germany's BMZ. The engagements will help accelerate the implementation of, and raise the level of ambition for, their NDCs by supporting systematic mainstreaming and institutionalization of climate adaptation and mitigation across and within key development sectors and governance levels.
(Source: World Bank Group, africanews.com, 14 Mar., 2019)
Contact: World Bank Group, www.worldbank.org
More Low-Carbon Energy News World Bank Group, Climate Change Mitigation, Climate Change adaptation,
Proceeds from the bond offering are earmarked for AC Energy's low-carbon energy projects in the Asia-Pacific region. The bonds received pre-issuance certification as climate bonds under the Climate Bonds Standard (CBS).
(Source: AC Energy, Asset ESG Forum, 10 Feb., 2019) Contact: AC Energy , Eric Francia, Pres., CEO, www.acenergy.com.ph; Ayala, www.ayala.com.ph/ac-energy
More Low-Carbon Energy News Ayala, AC Energy, Climate Change, Green Bond, Renewable Energy,
According to the World Bank, India generates more than 150,000 tpd of municipal solid waste (MSW), 83 pct of which is collected and less than 30 pct is treated. The country's daily waste generation is projected to reach 377,000 tpd by 2025.
The Indian government's Biofuel Policy of India 2018, stresses the future role of biofuels in addressing pollution and
envisages a 20 pct biofuel and gadcia, Tech Panda, Jan., 2019) Contact: BIOD Energy India, Shiva Vig, CEO and Director, +91 11 4728 9966, /+91 11 4728 9900, firstname.lastname@example.org,
In other recent EESL news, in March, 2018, the company's UK subsidiary EnergyPro Assets acquired British power generation solutions provider Edina UK Ltd for £55 million (Rs 493 crore). In May, 2018, EESL received a $300 million loan from the World Bank for residential and public sector energy efficiency projects. (Source: EESL, IANS, 1 Jan., 2018) Contact: Punjab National Bank, www.pnbindia.in;
Energy Efficiency Services Ltd., Saurabh Kumar, Managing Director, www.eeslindia.org
More Low-Carbon Energy News Energy Efficiency Services Ltd,
The $200 billion across the Group is comprised of approximately $100 billion in direct finance from the World Bank, and approximately $100 billion of combined direct finance from the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) and private capital mobilized by the World Bank Group.
(Source: World Bank, Various Media, Climate Action, 4 Dec., 2018)Contact: World Bank Group, www.worldbank.org
More Low-Carbon Energy News World Bank, Climate Change,
According to the World Bank’s Country Director for India, Junaid Ahmad , energy efficiency is one of the “strategic pillars” of the bank’s engagement in India. (Source: World Bank, PR, IANS, 11 Nov., 2018)
Contact: Asian Development Bank, +63 2 632 4444, www.adb.org; Energy Efficiency Services (India), www.eeslindia.org
More Low-Carbon Energy News Asian Development Bank, Energy Efficiency Services,
The World Bank loan will be used to build facilities running on local fuel and to improve energy saving and efficiency in apartment houses." (Source: Belrus News, 9 Nov., 2018)
More Low-Carbon Energy News World Bank, Energy Conservation,
The $103 million project is being developed by KOSPO and Daelim Energy, both of Korea.
IFC is providing a $10 million loan for its own account and also acted as lead arranger, mobilizing parallel loans of $26 million from Managed Co-Lending Portfolio Programme, $27.7 million from the Standard Chartered Bank and $8 million from Korea's Shinhan Bank.
The IFC also structured an equity bridge loan of $26 million.
(Source: International Finance Corporation, Daehan Wind Power Company, Jordan Times, 7 Nov., 2018) Contact: IFC, (202) 473-1000, www.ifc.org; Daehan Wind Power Company, www.daelimenergy.com
More Low-Carbon Energy News Wind, International Finance Corporation ,
"There's a consensus growing in the House of Representatives that could lead to a price on carbon emissions. I think we'll be able to have a bipartisan piece of legislation that puts a price on carbon," the House Climate Solutions Caucus co-chair Florida Democrat Ted Deutch, told CBC Radio. Deutch added he expects every option will be considered to move forward on fighting climate change.
The U.S. produced 16.49 tonnes of carbon emissions per capita, while Canada produced 15.12 tonnes in 2014, according to World Bank data. (Source: CBC Radio, 3 Nov., 2018) Contact: Florida Congressman Ted Deutch, 202-225-3001,
More Low-Carbon Energy News Carbon Tax, U.S. Carbon Tax,
The Danish support specifically provides wind measurements and the expertise of the Danish Energy Agency concerning public procurement of wind-farms, and cost-efficient expansion of wind energy.
The Ethiopian programme will be cooperatively administered by the Royal Danish Embassy in Addis Ababa, the Danish Energy Agency, Danish system operator Energinet.dk, the World Bank and relevant Ethiopian counterparts.
With this new agreement, the pprogram will run until the end of 2020 with a total budget of 35 million DKK.
(Source: Danish Energy Agency, reve, October 19, 2018) Contact: Danish Energy Agency, +45 33 92 67 00, https://ens.dk/en
More Low-Carbon Energy News Wind, Danish Energy Agency,
The project, which is expected to break ground next month, was planned and then abandoned under a previous administration. The project will be constructed on 15,000 hectares near a Nigeria National Petroleum Corporation (NNPC) facility.
The World Bank supports the project. (Source: This Day, Various Media, 23 Oct., 2018)
More Low-Carbon Energy News Cassava Ethanol, Ethanol, Biofuel,
The five-year green bond, which will be listed on both the London Stock Exchange and the Singapore Stock Exchange, will support the local-currency market in Indonesia, funding the first-ever green bond issued in Indonesia by an IFC client, Bank OCBC NISP. The proceeds will finance underlying infrastructure and climate-related projects.
According to the IFC's just released Green Bond Impact Report, IFC issued 32 green bonds totaling $1.8 billion in the fiscal year that ended June 30. (Source: Jakarta Post, IFC, 8 Oct., 2018) Contact: IFC, Nena Stoiljkovic, VP Asia and the Pacific, (202) 473-1000, www.ifc.org
More Low-Carbon Energy News International Finance Corporation, Climate Change, Green Bond,
The UK contribution will come through the Clean Technology Fund, which provides funding for clean technology projects in developing countries with a focus on developing low-carbon solutions and eliminating greenhouse gas emissions.
The UK is the largest contributor to the global fund, followed by the US and Japan.
The storage project is being developed by the World Bank, the African Development Bank and the South African government.
(Source: Various Media, Energy Digital, 30 Aug., 2018)
More Low-Carbon Energy News Energy Storage, Renewable Energy, Battery,
The Accelerator aims to make the Caribbean the world's first climate-smart zone that will include the implementation of solutions for resilience, renewable energy, development of sustainable cities, oceans, and transportation.
The InterAmerican Development Bank (IDB) has committed $3 million in start-up funding plus $1 billion to support innovative solutions focused on low-carbon emissions, sustainable infrastructure, and energy efficiency projects.
The World Bank Group has committed $1 million annually for 3 years in in-kind services, in addition to its existing support for the region which adds up to almost $2 billion in projects aimed at strengthening resilience and financial protection against climate disasters.
(Source: Caribbean Climate-Smart Accelerator, CleanTechnica, 14 Aug., 2018) Contact: Caribbean Climate-Smart Accelerator,
More Low-Carbon Energy News Caribbean Climate-Smart Accelerator ,
Set to be completed by August 2019, the study will seek to quantify the costs that greenhouse gas-producing firms bear in different jurisdictions, as well as the effectiveness of various measures in reducing carbon emissions. Consultants will look at direct costs from carbon taxes or emissions trading schemes and indirect costs from compliance.
Singapore will start pricing carbon at $5 per tonne of emissions from next year to 2023 then likely to raised to between $10 and $15 per tonne by 2030.
The tax will be levied on approximately 30 to 40 large emitters that produce more than 25,000 tpy of emissions. This is likely to affect around that are responsible for 80 pct of Singapore's greenhouse gas emissions.
The World Bank notes the global average per ton of carbon emissions is US$21.50.
(Source: Singapre Strait Times, 13 Aug., 2018)Contact: World Bank Carbon Pricing Dashboard
; Climate Change Secretariat, www.nccs.gov.sg
More Low-Carbon Energy News Singapore Carbon Tax, Carbon Tax,
Green Bond pledge adherents agree that climate change poses an existential threat and that the rapid growth of a green bonds market will not only meet the unique challenges the world faces, but will do so while making communities more economically competitive, prosperous, and productive.
Green bonds may be sold by governments, as well as by private entities, to finance projects that have positive environmental or climate attributes. The projects can range from clean transportation to renewable energy.
The green bond market started in 2007 with bonds issued by the World Bank and the European Investment Bank. By 2017, both California and New York had issued more than $4 billion in bonds to finance such things as clean water projects, green schools, mass transit, land preservation, and green housing. The state is now looking to build on that start and help grow a much more robust market for green bond financing.
Download a copy of the Green Bonds Pledge and other details HERE.
(Source: California Treasurers Office, Lake County News, Aug., 2018) Contact: California Treasurers Office, (916) 653-2995, www.treasurer.ca.gov
More Low-Carbon Energy News Green Bond, Climate Change,
The MDBs' latest joint report on climate financing said $27.9 billion -- 79 pct of the 2017 total -- was devoted to climate mitigation projects that aim to reduce harmful emissions and slow down global warming. The remaining 21 pct or $7.4 billion of financing for emerging and developing nations was invested in climate adaptation projects. In 2016, total MDB climate financing totaled US$27.4 billion.
The MDBs, which include the African Development Bank , the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank , the Inter-American Development Bank Group (IDB and IDB Invest) and the World Bank Group (World Bank, IFC and MIGA), account for the vast majority of multilateral development finance. (Source: IDB, Caribbean Life, 23 June, 2018) Contact: IDB,
Juan Pablo Bonilla, Climate Change and Sustainability Sector Manager, Therese Turner-Jones, GM Caribbean Country Department, www.iadb.org
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Of the total, $7.4 billion financing for emerging and developing nations was invested in climate adaptation projects that help economies deal with the effects of climate change -- unusual levels of rain, worsening droughts and extreme weather events.
Of the 2017 total, 81 pct was provided as loans and other financial instruments such as policy-based lending, grants, guarantees, equity and lines of credit. Latin America, Sub-Saharan Africa and East Asia and the Pacific were the three major developing regions receiving the funds. The report contains a breakdown of climate finance by country.
Multilateral banks began publishing their climate investment in developing countries and emerging economies jointly in 2011, and in 2015 MDBs and the International Development Finance Club agreed joint principles for tracking climate adaptation and mitigation finance.
(Source: World Bank, New Telegram, 19 June, 2018) Contact: World Bank, John Roome, (202) 473-3373, www.worldbank.org/en/about/people/j/john-roome
More Low-Carbon Energy News World Bank, Climate Change, Climate Change Mitigation, Climate Finance,
"The 2018 edition of the report focuses exclusively on data and information on the evolving initiatives that put a price on carbon, in terms of their most current status and emerging trends. It includes an expanded discussion on what the trends are telling us about the underlying motivations of and the direction the world is moving in when it comes to carbon pricing.
"The growing momentum for carbon pricing and the increasing prevalence of the topic in climate change discussions in recent years take us in a new direction for the report. More national and sub-national jurisdictions and private sector entities are adopting carbon pricing.
"This report also includes a reflection on the engagement of non-state actors on climate action and carbon pricing -- a development that characterizes the implementation phase the world has embarked on since the adoption of the Paris Agreement. The inclusion of internal carbon prices in business operations, and how this is incentivizing action on climate change, has raised the need to expand the focus to include an important discussion on how carbon pricing is considered in other economies and the indirect measures taken to provide a carbon price signal."
Download the World Bank Group State and Trends of Carbon Pricing 2018 report at www.openknowledge.worldbank.org/handle/10986/29687.
Download an online dashboard to complement the publication HERE. (Source: World Bank Group, May, 2018)Contact: World Bank Group, www.worldbank.org
More Low-Carbon Energy News World Bank, Carbon Price,
The report notes there are currently 51 carbon pricing initiatives around the world, consisting of 25 emissions trading schemes and 26 carbon taxes. These initiatives cover 20 pct of all global greenhouse gas emissions.
The World Bank estimates that receipts from carbon pricing now amount to $33 billion -- a 50 percent increase on the previous year.
(Source: World Bank, Climate Action, Other 22 May, 2018) Contact: World Bank, Marcene Broadwater
Strategy and Business Development, (202) 473-1000,
email@example.com; John Roome, Senior Director for Climate Change, www.ifc.org
More Low-Carbon Energy News World Bank, Carbon Emissions, Carbon Market,
EESI aims to improve energy efficiency, cut energy consumption and help the country hit its goal of reducing carbon intensity by up to 35 pct by 2030 from 2005 levels
The money will be used to create sustainable markets for LED lights and energy efficient ceiling fans, facilitate investments in public street lighting and develop sustainable business models for emerging markets such as efficient air conditioning and agricultural water pumping units.
(Source: World Bank, Energy Live, 24 May, 2018)
Contact: Energy Efficiency Services India, Saurabh Kumar, Managing Dir., www.eeslindia.org
More Low-Carbon Energy News Energy Efficiency Services Limited, India Energy Efficiency, Energy Efficiency, World Bank,
"Looking ahead, this trend is set to continue, as indicated by some of the jurisdictions which are planning carbon price increases," the World Bank report says. "This includes emerging carbon pricing initiatives, which are launching at relatively low price levels, with the intention of scaling up over time," the report added.
Governments raised around $33 billion in carbon pricing revenues in 2017, compared with $22 billion the previous year, the report said. (Source: World Bank, Economic Times India, 22 May, 2018) Contact: World Bank, John Roome, (202) 473-3373, http://www.worldbank.org/en/about/people/j/john-roome
More Low-Carbon Energy News Carbon Tax, Climate Change, CO2, GHG, World Bank,
Sistema.bio will use the funds to scale-up its hybrid reactor biodigesters, delivering sustainable renewable energy and agricultural products to more small farmers in Kenya.
Sistema.bio generates revenues from sales of the high-performance bio-digesters and the sale of utility accessories suitable for cooking, heating, mechanical energy and electric power generation. The company also offers interest-free payment plans to small farmers.(Source: Sistema.bio, Capital Business, 17 May, 2018) Contact: Sistema.bio, +254 7044 44215, www.sistema.bio
More Low-Carbon Energy News Biogas, bio-digesters, Anerobic Digestion ,
Funds for this green energy financing were raised through a recent Banco Galicia green bond issuance that was 100 pct subscribed to by the International Finance Corporation (IFC).
(Source: Telam, Banco Galicia, Renewables, 7 May, 2018) Contact: Banco Galicia, www.bancogalicia.com; IFC World Bank, (202) 473-1000, www.ifc.org
More Low-Carbon Energy News Energy Efficiency Funding, Energy Efficiency, Renewable Energy, International Finance Corporation,
The Reducing Emissions from Deforestation and Forest Degradation, and Conservation, Sustainable Management of Forest and Enhancement of Forest Carbon Stocks (REDD+) is a mitigation mechanism to combat climate change. The international programme operates under the principles of reducing emissions from deforestation and forest degradation, and enhancing carbon sequestration through improved forest protection and management.
The REDD+ Readiness programme was established in Bhutan in 2010. In 2013, the Forest Carbon Partnership Facility of the World Bank approved the REDD+ Readiness Preparation Proposal (R-PP) and the project was implemented from 2015 with $3.8 million in World Bank grant funding.
In the three years, the project completed the National Forest Inventory, established heritage forests, land use and land cover mapping 2016, revised forest and nature conservation rules and regulations of 2017, build capacity for forest management, and institutionalized national forest monitoring system and forest reference emission level including the forest resource information management system. (Source: Kuensel, World Bank, 12 Feb., 2018)
More Low-Carbon Energy News REDD+, World Bank, Reforestation, Deforestation, Climate Change,
The first component of the project focuses on the dissemination of knowledge to increase communities understanding of the linkages between climate change and their current land use practices. The second component focuses on the provision of demand driven sub-grants to communities and Community-Based Organisations (CBOs) to put into practice knowledge acquired by the beneficiaries for climate change mitigations.
The WB and its partners are implementing similar community projects in Mexico, Indonesia, Burkina Faso, Peru, Brazil, Laos and Congo. (Source: GNA, World Bank, 9 Feb., 2018)
More Low-Carbon Energy News World Bank, Climate Change,
Canada is contributing $122 million to be used by WB IFC to "catalyze" private sector investment in renewable energy by offering concessional financing mixed with WD IFC's own account resources to mitigate a variety of risks that can deter private investment in renewable energy.
The Canadian contribution is inline with its commitments under the 2015 Paris Agreement and the Africa Renewable Energy Initiative. (Source: World Bank IFC, Various Media, PV Tech, 20 Feb., 2018)Contact: World Bank IFC, www.ifc.org
More Low-Carbon Energy News World Bank IFC, Renewable Energy,
Uzbekistan's energy intensity is one of the highest in the world and its industrial sector, which is largely dependent on inefficient and obsolete technology, accounts for about 40 pct of the country's total energy consumption.
The Uzbekistan government aims to reduce the country's energy intensity by about 50 pct by 2030 and, to that end, has initiated modernization investment programs that target key energy-consuming sectors. (Source: World Bank, AKIPRESS.COM, 31 Jan., 2018)Contact: World Bank IFC,www.ifc.org
More Low-Carbon Energy News World Bank, Energy Efficiency,
IFC -- a sister organization of the World Bank and member of the World Bank Group -- is the largest global development institution focused exclusively on the private sector in developing countries. The IFC utilizes and leverages its products and services as well as the products and services of other World Bank institutions. (Source: International Finance Corp., ABS-CBN, 17 Jan., 2018) Contact: International Finance Corp., www.ifc.org
More Low-Carbon Energy News Green Building, Energy Efficiency, International Finance Corp,
The new project will assist in the design, supply, installation, and provide operational support for solar power generation, battery energy storage, and grid management equipment in the capital Majuro, as well the replacement of existing generators to ensure lower emissions and improve operational and energy efficiency in Majuro and Ebeye.
The project will also provide technical and operational training and workshops and other assistance to reduce energy consumption by improving the efficiency for both the use and supply of electricity from the country's two public sector utilities. The project will also promote energy efficiency through public information campaigns. (Source: Voxy.com.nz, World Bank, 18 Dec., 2017)
More Low-Carbon Energy News Energy Efficiency news, World Bank news, Renewable Energy news,
The green bond is seen to provide an alternative source of long-term green finance in the country and contribute to the Philippines' target of reducing carbon emissions by 70 pct by 2030 relative to its Business As Usual scenario. The financing deal is expected to help save 93,000 tpy of CO2 emissions per year by 2022, according tothe bank's website.
The World Bank International Finance Corp. (IFC) is the sole investor in the bond.
Since 2005, IFC has invested $18.3 billion in long-term financing from its own account, and mobilized another $11 billion through partnerships with investors for climate-related projects. Overall, IFC has issued $7.25 billion in green bonds in 12 currencies. (Source: BDO, Philippine Daily Inquirerer, 8 Dec., 2017)Contact:
BDO, www.bdo.com.ph; World Bank International Finance Corp, https://finances.worldbank.org/ifc
More Low-Carbon Energy News Green Bond, Climate Change Mitigation, Climate Change, World Bank IFC,
In 2010, buildings accounted for 36 pct of the country's total annual power consumption and emitted 33.28 million metric tons of carbon dioxide. In seven years, rapid urban migration is expected to increase the number of new buildings by 20 pct annually.
Since 2005, the IFC has invested $18.3 billion in long-term funding for climate-smart projects and mobilized an additional $11 billion from other investors. (Source: World Bank, International Finance Corp., ProudGreenBuilding, 29 Nov., 2017) Contact: World Bank IFC, www.ifc.org
More Low-Carbon Energy News Green Building, Energy Efficiency, Building Energy Benchmarking, World Bank International Finance Corp., Green Building, Energy Efficiency,
By way of comparison, the European Union's total decline amounted to 770 million tons while the UK reported a 170 million metric ton decline. At the same time, China's carbon dioxide emissions grew by 3 billion metric tons, and India's grew by 1 billion metric tons.
According to the World Bank, U.S. per capita carbon dioxide emissions rank 11th among all countries. So, we are not the largest per capita emitter, but we do emit 2.2 times as much on a per capita basis as China. But, China has 4.3 times as many people, and that matters from an overall emissions perspective. China's lower per capita carbon dioxide emissions are more than offset by its greater population, so China emits over 70 pct more CO2 per year than the U.S.
The World Bank issued the first green bond in 2008. The island nation of Fiji the first developing country to issue a green bond. The Fiji bonds issued between 1 November 2017 – May 2018, will mature between 1 November 2022 and 1 November 2030, with interest rates of 4 pct and 6.3 pct.
(Source: Matangi, Tonga Online, Radio New Zealand, 18 Oct., 2017)Contact: Fiji Government Online Portal, www.fiji.gov.fj
More Low-Carbon Energy News Green Bonds, Climate Change Mitigation, Renewable Energy, World Bank,
Beginning in 2018,
the World Bank will report in its Corporate Scorecard aggregate GHG emissions from its investment projects in key sectors, including $11 billion invested in renewable energy and $4.5 billion in energy efficiency in the past five years. The World Bank is also taking steps to measure its clients' exposure to coal, and was "evaluating options to work with these clients to move toward more renewable energy options." noting that in In 2018 the bank tripled its climate change commitments through financial institutions to $1.4 billion.
(Source: World Bank, DEVEX, 14 October 2017) Contact: World Bank IFC, www.ifc.org
More Low-Carbon Energy News World Bank, GHGs, Carbon Emissions,
The global Forest Carbon Partnership Facility and World Bank have committed to pay Viet Nam $60 million for the absorption of 10.3 million tonnes of CO2 from 2018 to 2024.
This project is the first regional-level project implemented by the Reducing Emissions from Deforestation and Forest Degradation (REDD+) programme in Viet Nam. Cities discharge 70 pct of Vietnam's CO2.
(Source: Vietnam Bridge Vietnam Net, Others, Oct., 2017)
More Low-Carbon Energy News Carbon Emissions, Climate Change, Deforestation, Reforestation,
Some 500 companies, including 80 in the United States, reported using carbon pricing. Many oil and gas companies such as British energy company BP use an internal, or "shadow," accounting method to track their carbon emissions, it said. Other companies charge carbon fees to internal business units.
According to the World Bank, 42 governments have or plan to have a way to tax carbon emissions or have a cap-and-trade system that allows industries with low emissions to sell their unused permitted capacity to larger emitters.
(Source: C2ES, World Bank, Voice of America, Sept., 2017) Contact: Climate and Energy Solutions , (703) 516-4146, www.c2es.org
More Low-Carbon Energy News Carbon Tax, Carbon Emission, Climate and Energy Solutionss, Carbon Footprint,
"And even if the technology can be made to work for gas, it would come at a price that 'would make renewables and nuclear look cheap'. This is in part because of a lack of joined up policy, as Professor Hughes explains: 'Successive governments haven't thought their policies through. The focus on renewables is making CCS -- already a marginal technology -- even less viable.' A coherent strategy could reduce carbon emissions at a fraction of the current cost by switching to gas with the option to install CCS if/when it makes economic sense."
Access the full The Bottomless Pit --
The Economics of Carbon Capture and Storage
report HERE, (Source: Global Warming Policy Foundation, July, 2017) Contact: Global Warming Policy Foundation, +44 2073406038,
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