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International Monetary Fund

contribution to IDA from IBRD and IFC earnings, and the proposed enhanced collaboration between IFC and IDA on private sector development. 8. We noted that global economic growth remains strong and the direct impact of recent financial market turbulence on developing countries has been limited. We urged governments to continue implementing policies supporting economic resilience, and urged the Bank and the Fund to support and monitor those efforts. 9. We welcomed progress in implementing the Bank’s Clean Energy Investment Framework. We recognized the critical importance

International Monetary Fund

there are affordability issues. 10. We welcomed the progress made in developing a Clean Energy Investment Framework, including the review of the adequacy of existing financial instruments. The global community faces a major challenge in securing affordable and cost-effective energy supplies to underpin economic growth and poverty reduction while preserving the local and global environment. We agreed that this challenge requires sound country energy policies and regulatory frameworks. We found broad support for the Bank’s approach in addressing the three inter

International Monetary Fund

to scale up work in this area. An example is the Clean Energy Investment Framework. Key elements of their engagement will include: Integrating climate action into core development work Providing innovative and concessional financing, such as the Global Environment Facility and carbon finance Expanding the role of markets, such as the Carbon Partnership Facility and Forest Carbon Partnership Facility Facilitating new technology development and diffusion Creating an enabling environment to tap the private sector—engaging the IFC and other MDB private

Mr. Alberto Carrasquilla

the progress made by the Bank in developing a Clean Energy Investment Framework. We found broad support for the Bank’s approach in addressing the three inter-related issues of: (i) energy for development and access to affordable energy for the poor; (ii) the transition to a low carbon economy; and (iii) adaptation. In particular, we supported the Action Plan for improved energy access in low-income countries and urged donors to provide additional funding and other assistance required. We supported further examination of the Bank’s future role in the transition to a