The credit crisis should be seen as an opportunity to rebuild the world financial system in a way that underpins “green” growth, Yvo de Boer, Executive Secretary of the United Nations Framework Convention on Climate Change, told correspondents at a Headquarters press conference last Friday.
“Governments now have an opportunity to create and enforce policy which stimulates private competition to fund clean industry,” Mr. de Boer said, as he briefed on the upcoming Poznan Conference and other negotiations towards a new post-Kyoto Protocol climate change agreement that must be finalized by December 2009, in Copenhagen, Denmark. [The Protocol’s first commitment period ends on 31 December 2012, and international talks began late last year on a subsequent deal on specific outlooks in greenhouse gas emissions].
Global energy demand would grow by 55 per cent by 2030, he said, and in the period leading up to that date, worldwide energy supply infrastructure required a total investment of $22 trillion, with about half of that needed in developing countries. If those investments were not directed towards green investment, there would be a marked increase in greenhouse gas emissions, rather than the necessary decrease, he stressed.
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