Banking on clean energy

Gordon Brown recently addressed the World Bank at a conference regarding the
clean energy investment framework.

Brown believes that “a green economy can also be a growing economy” with new
markets generated by it being worth around $500bn by 2050. The aim of the clean
energy investment framework is to forge a new agreement on reducing global
emissions after 2012, when the Kyoto Protocol agreement is met.

To achieve this, Brown told the World Bank that there are four initiatives in
his vision that must be met:

• The developed world must set a serious downward trajectory;
• The development of a global carbon market;
• A stronger collaboration between government and the private sector on the
development, research, demonstration and deployment of low carbon technologies;
and
• International resources to address deforestation.

Sustainable development
Brown also intends to strengthen the clean development mechanism which allows
companies to undertake projects in developing countries to help them reduce
their greenhouse gas emissions and contribute to sustainable development.

The project is then credited with Certified Emissions Reductions and can be
used by either the government in reaching its Kyoto Protocol agreement target,
or by the company in order to meet its EU emissions trading scheme allocation.

Go to
www.hm-treasury.gov.uk
and search for ‘clean energy investment framework’
For more information, go to
www.defra.gov.uk and
search for ‘Kyoto mechanisms – CDM’