Lower greenhouse emissions to boost economies - WB Prez
13 Dec '07
3 min read
Among the actions that Zoellick highlighted was the creation of the Forest Carbon Partnership Facility, launched on Tuesday by the World Bank on the sidelines of the Bali conference. Joined by donors, potential participating countries, and non-governmental organizations at the launch, Zoellick underscored the Facilitys goal to prevent deforestation (a major cause of increasing greenhouse gas emissions) by rewarding developing countries for carbon dioxide reductions resulting from protecting their forests.
The Forest Carbon Partnership Facility signals that the world cares about the global value of forests and is ready to pay for it, said Zoellick. This can change the economic options for many people who depend on forests for their livelihoods. There is now a value to conserving, not just harvesting the forest.
Remarks to Ministers of Finance: During an earlier meeting with finance ministers invited to Bali to discuss their countrys role in combating global warming, Zoellick said that their gathering was a clear and compelling demonstration that climate change, and our collective responses to it, need the urgent attention of finance ministers who manage the levers of the economy and the flows of investment.
A key challenge, said Zoellick, is to channel existing financial flows into more climate friendly investments, and to create new financial flows to invest in low carbon technology, as well as for adaptation.
The Bank Group President told the ministers that developed and developing countries need to work together to craft a new global climate change agreement that works and that is sustainable environmentally, economically, and politically.
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