Countries Should create conditions favoring renewable energy : World Bank

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WASHINGTON, December 8, 2014 – Against a backdrop of climate deal negotiations in Peru, Jim Yong Kim, the president of the World Bank Group, called today for a comprehensive agreement next year in Paris. He argued that all countries should put a price on carbon, eliminate fossil fuel subsidies, create conditions favoring renewable energy, and invest in projects that can withstand the force of extreme storms.

Kim, in a speech at the Council on Foreign Relations here in Washington, said a Paris agreement next year must send immediate signals to investors and financial markets that could help transform economies toward achieving zero net emissions of harmful pollutants before the end of the century.

In a year’s time, the international community will have the opportunity to send a clear signal that we, as a global community, are determined to manage our economies to achieve zero net emissions before the year 2100,” Kim said.

Every country finds itself at a different point in the development journey. Therefore, the pace and rhythm of their emissions’ reductions and investments in adaptation will vary. Nonetheless, we have the opportunity in Paris to make clear our collective ambition. That ambition can be translated into long-term demand for clean growth and an increased commitment to adaptation.

The higher the ambition, the greater the demand will be for programs and projects that will transform economies. Higher ambition will also send a  strong message to investors – public and private, domestic and foreign – about the demand and profitability of long-term investments in clean energy and transport systems, sustainable agriculture and forestry, and new resource efficient products.

Paris must be where we make the rallying cry for effective management of local, national and global economies to fight climate change,” said Kim.

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