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MEDIA REPORTS

TRADE, FINANCE AND INVESTMENT IN SUSTAINABLE DEVELOPMENT

This page was updated on: 01/26/10

 

2008

 

Trade, Finance and Investment Media Reports Archives: 2010; 2009; 2007; 2006; 2005; 2004; 2003; 2002


NOVEMBER 2008

WORLD BANK MOVES AHEAD WITH ENERGY FOR THE POOR INITIATIVE
The World Bank is moving ahead with its Energy for the Poor initiative, a program that seeks to provide rapid support for countries’ efforts to strengthen social safety nets to protect the poor against the impact of high fuel bills. Within the program, financing is expected to: expand access of the poor to sustainable energy services; deploy alternative, renewable energy systems where the increase in fuel prices suggests that a shift in supply options is economically prudent; and develop energy efficiency interventions that have become economically attractive under higher energy prices. Examples of projects that could be financed include hydropower, including off-grid and mini-grid applications, and inter-modal shifts in transportation, promoting cross-border energy trade, and complementing end-use improvements in energy efficiency.

Donor nations met in Paris on 19 November to discuss their role in the initiative, which will be integrated by two components: a multi-donor trust fund, called Energy Price Crisis Response, that will finance social safety nets for the poorest people in the most affected countries in the short-term; and a medium-term program to scale up financing of energy projects to reduce a country’s longer-term vulnerability to high and volatile fuel prices. This scaling up will be achieved through co- and parallel financing with donors to leverage more effectively their limited resources.

Link to additional information
World Bank energy website

WORLD BANK CREATES GREEN BOND TO FINANCE MITIGATION AND ADAPTATION
The World Bank, in partnership with SEB and Scandinavian institutional investors, will raise funds for projects seeking to mitigate climate change or promote adaptation through the issue of a “World Bank green bond.” A result of its “Strategic Framework for Development and Climate Change,” the green bond seeks to provide an innovative approach financing. The bonds will be issued for a total amount of Swedish kronor (SEK) 2.325 billion (about US$300 million at current exchange rates), with an annual interest rate of 0.25 percent above Swedish government bond rates. It will have a maturity of six years. SEB will be the lead manager and offer the bonds to investors through its distribution network.

Link to further information
World Bank press release, 6 November 2008

OCTOBER 2008

WTO TUNA-DOLPHIN CASE RENEWED
Seventeen years after the original complaint by Mexico to the World Trade Organization (WTO) on US restrictions to imports of tuna (which were based on environmental standards related to fishing practices), Mexico has filed a new request for WTO consultations. The request, filed on 24 October 2008, contests the US refusal to allow the dolphin-safe label to be used on Mexican tuna products fished using encircling or “purse-seine” nets. Mexico claims that the trade restrictions are illegal and discriminatory, and have resulted in a loss of more than a third of its tuna fleet due to its hampered ability to market Mexican tuna effectively in the US.

Links to further information
WTO Dispute Settlement News, 31 October 2008
ICTSD Bridges, 30 October 2008

WORLD BANK FOREST CARBON PARTNERSHIP FACILITY EXPANDS TO 30 COUNTRIES
The Forest Carbon Partnership Facility (FCPF) announced its expansion from 20 to 30 developing countries to support capacity building efforts to reduce greenhouse gas emissions by reducing deforestation and forest degradation (REDD). Developing countries are working with 11 industrialized countries and one non-governmental organization thought this innovative partnership and international financing mechanism to combat tropical deforestation and climate change. The FCPF is comprised of two components – a Readiness Fund and a Carbon Fund. The World Bank, which acts as the secretariat for the FCPF, announced that it would underwrite the US$2.3 million start-up expenses for the Facility.

Link to further information
World Bank Press Release, 24 October 2008

UN SECRETARY-GENERAL CONVENES EMINENT ECONOMISTS TO DISCUSS IMPACT OF FINANCIAL CRISIS ON POVERTY
On 23 October 2008, United Nations Secretary-General Ban Ki-moon and the head of the United Nations Development Programme (UNDP), Kemal Dervis, met with five eminent economists to discuss the impact of the global financial crisis on UN efforts to achieve the anti-poverty targets known as the Millennium Development Goals, financing for development, the international reserve system, trade issues and the regulatory role of multilateral institutions. The participating economists were Joseph Stiglitz and Jeffrey Sachs of Columbia University; Kenneth Rogoff  and Dani Rodrik of Harvard University;  and Nancy Birdsall, President of the Centre for Global Development.

Link to further information
UN News Centre, 23 October 2008

UN Global Compact and UNEP Convene First Meeting of ‘Caring for Climate’ Initiative
Representatives of over 150 corporations, civil society organizations, governments and UN agencies gathered in Geneva, Switzerland, on 21 October 2008, for the first meeting of signatories to ‘Caring for Climate,’ a voluntary global action platform jointly launched in 2007 by the UN Global Compact, the UN Environment Programme (UNEP) and the World Business Council for Sustainable Development (WBCSD). The meeting aimed to produce business insights and develop a shared path forward in support of an effective post-Kyoto policy framework on climate change. A recent survey among Caring for Climate signatories reveals that a majority of signatories are optimistic about their ability to develop the internal capacity to set targets and reduce climate impact, while expecting: similar leadership from governments; long-term plans for emission reductions; and increased investments in low-carbon technologies.

Link to further information
UN News Centre Story, 21 October 2008

COUNTRIES SELECTED TO SERVE ON WORLD BANK CLIMATE INVESTMENT FUND BOARDS
Two sets of seven donor countries and seven potential recipient countries have been selected to serve on the Clean Technology Fund (CTF) Trust Fund Committee and the Strategic Climate Fund (SCF) Trust Fund Committee, respectively, to oversee decisions concerning investments and implementation of the recently created World Bank Climate Investment Funds (CIF). The US$6 billion Funds were created in September to provide interim, scaled-up funding to help developing countries in their efforts to address climate change in their development strategies. According to the CIF design, donor and potential recipient countries must hold an equal number of seats, to be selected through a consultation process. Both Trust Fund Committees will meet again in November to carry on their work. The selection of projects is expected early in 2009.

Link to further information
World Bank Press Release, 17 October 2008

GEF FUNDED PROJECT IN HONDURAS WINS TOURISM INNOVATION AWARD
The La Ruta Moskitia (LARUMO) initiative, an ecotourism rainforest project funded through the Global Environment Facility (GEF) Small Grants Programme, and implemented by five indigenous communities in La Moskitia region -- an area crossed by the Rio Plátano Biosphere Reserve in Honduras – has won a national award through the World Travel and Tourism Council for a locally-designed program that encourages visits to the rainforests off the country’s northeast coast. Local fisherman and farmers learned new skills by becoming tour guides and service providers for tourists, and the project team in the first three months made US$25,000 in revenue from the ecotours, with over 25% of the revenue going back to the community.

Link to further information
GEF Press Release, 6 October 2008

UN CALLS FOR COORDINATED ACTION TO ADDRESS THE GLOBAL FINANCIAL CRISIS
UN Secretary-General Ban Ki-moon and UN Under Secretary-General for Economic and Social Affairs Sha Zukang issued appeals for coordinated action from multilateral institutions and major economies to address the global financial crisis. Both expressed their hope that international commitments made to achieve the Millennium Development Goals (MDGs) by 2015 in the areas of aid predictability, trade, debt reduction, access to technology and affordable medicine will continue to be honored as pledged. Next month in Doha, Qatar, the Follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus will take place, and will provide a forum to discuss how additional financial resources vis-à-vis the global financial crisis can be raised to support the MDGs.     

Links to further information
UN News Centre, 13 October 2008
Doha Financing for Development Review Conference, 29 November-2 December 2008, Doha, Qatar

SAVE YOUR LOGO CAMPAIGN LAUNCHED
A new initiative seeks to leverage funds from firms that have endangered species in their logos. The campaign, sponsored by the World Bank, Global Environment Facility and IUCN, will promote partnerships with the private sector to protect threatened species habitats, and to secure healthy ecosystems vital for the livelihoods of local populations.

Link to further information
GEF Press Release, 7 October 2008

TOOLS FOR HARMONIZATION AND EQUIVALENCY IN ORGANIC AGRICULTURE LAUNCHED
The International Task Force on Harmonization and Equivalency in Organic Agriculture (ITF) launched two practical tools intended to ease trade in organic agricultural products. Supachai Pantichpakdi, Secretary General of UNCTAD, Alexander Müller, Assistant Director General of the Food and Agriculture Organization (FAO), and Urs Niggli, Vice-President of the International Federation of Organic Agriculture Movements (IFOAM), all urged that these measures and other task force recommendations be employed worldwide. The tools comprise: a guide to help decision-makers assess whether an organic production and processing standard applicable in one region of the world is equivalent (equally valid) to another organic standard (Equitool) and a minimum set of performance requirements for organic certification bodies (IROCB).

Link to further information
UNCTAD News

OPPORTUNITY TO COMMENT ON ASIAN DEVELOPMENT BANK’S SAFEGUARDS POLICY
In 2005, the Asian Development Bank (ADB) initiated a Safeguard Policy Update, to strengthen the effectiveness of ADB’s policies on environment, indigenous peoples and involuntary resettlement. Throughout the update process, ADB has engaged with stakeholders and received suggestions and feedback. Stakeholders may now provide input on the revised policy documents that are available online, and participate in a consultation to be held in Manila, the Philippines, on 19-20 November 2008.

Link to further information
ADB Safeguard Policy Update

SEPTEMBER 2008

WORLD BANK CLIMATE INVESTMENT FUNDS RECEIVE PLEDGES FOR US$ 6.1 BILLION
Leading industrialized nations met at the World Bank on 26 September 2008, and pledged more than US$6.1 billion to the recently created World Bank Climate Investment Funds (CIF). David McCormick, Undersecretary for International Affairs, US Treasury, announced his country’s contribution of US$2 billion over three years. Andrew Steer, UK Director General of the Department for International Development, announced a commitment of £800 million (approximately US$1.5 billion at current exchange rates). And Daikichi Monma, Japan’s Deputy Director General of the International Bureau of the Ministry of Finance, announced his Government’s pledge of US$1.2 billion to the CIF. The CIF were created this year to invest in projects and programs in developing countries that contribute to the demonstration, deployment and transfer of low-carbon technologies, and to test innovative approaches to climate change, for example by increasing climate resilience in developing countries.

Links to further information
World Bank Climate Investment Funds
World Bank Press Release

IDB LAUNCHES BIOFUELS SUSTAINABILITY SCORECARD, INVITES COMMENTS
The Inter-American Development Bank (IDB) released a tool known as the Biofuels Sustainability Scorecard during the 4th Annual Western Hemisphere Energy Security and Cooperation Forum, held on 9 September 2008, at IDB’s headquarters in Washington DC, US. The scorecard is based on the sustainability criteria of the Roundtable on Sustainable Biofuels (RSB) and addresses 23 key environmental and social issues such as food security, greenhouse gas emissions, water management, land use change, biodiversity or poverty reduction. The IDB is inviting comments and suggestions regarding the Scorecard, during a six month public consultation period that will end in March 2009.

Links to further information
The Biofuels Sustainability Scorecard
IDB Press Release, 5 September 2008

GEF APPROVED ENVIRONMENTAL FISCAL REFORM PROJECT IN KYRGYZTAN
The Global Environment Facility (GEF) approved a project on “Capacity Building for Improved National Financing of Global Environmental Management in Kyrgyzstan,” to be executed by the UN Development Programme, aiming to assist Kyrgyzstan in protecting its environmental resources and to prevent further degradation by initiating a process of environmental fiscal reform. The project will support fiscal instruments for collecting, managing and allocating revenues from fines deriving from environmental degradation. It will approach environmental fiscal reform through capacity development at multiple levels of the decision-making chain for assessing, collecting and managing revenues from environmental fines.

Link to additional information
GEF Press Release, 18 August 2008
Project details

AUGUST 2008

UNEP LAUNCHES PLAN TO PROTECT BEES AND BIRDS
In a bid to protect pollinators, which play a role in crop production and biodiversity, the UN Environment Programme (UNEP) has launched a 5-year programme to disperse best management practices worldwide. Partially funded by the Global Environment Facility (GEF), the US$27 million project, “Conservation & Management of Pollinators for Sustainable Agriculture through an Ecosystem Approach,” aims to develop local and national capacities to protect these economically and environmentally important species.

Link to further information
UNEP Press Release, 8 August 2008

MONTERREY REVIEW PROCESS DRAFT OUTCOME DOCUMENT RECOGNIZES CLIMATE CHANGE-DEVELOPMENT LINKAGES
The President of the UN General Assembly issued a draft outcome document for the Monterrey Consensus Review Conference to be held in Doha, Qatar, from 29 November-2 December 2008. The draft outcome document was based on input during the first semester of 2008 from countries, businesses, NGOs and civil society on the thematic areas of the Monterrey Consensus, as presented during several informal review sessions. The draft document reaffirms the goals and commitments of the Monterrey Consensus on issues such as mobilizing financial resources for development and international trade as an engine for development, and welcomes the targets announced by G8 countries in Hokkaido, Japan, to increase their official development assistance (ODA) to US$130 billion by 2010. The draft also presents proposals to improve the coherence and consistency of the international monetary, financial and trading systems in support of development. A section on “New Challenges and Emerging Issues” recognizes “increased costs from damage to the earth’s environment and climate change” as key challenges the world faces today, and reaffirms the need for concerted global action to address these “while consistently furthering economic and human development for all.” In particular, the draft document recognizes responses to the climate change problem have “major development implications” and proposes that countries agree to “address such implications in a timely and decisive way” by addressing the financing needs for mitigation and adaptation to climate change in developing countries in the context of sustainable development and within the structure of the UNFCCC. Informal consultations and drafting sessions on the outcome document will be held during the second semester of 2008, leading to the Doha Review Conference in November.

Links to additional information
UN Financing for Development Office
Doha Outcome Document draft, 25 July 2008

EQUAL WEIGHT GIVEN TO DEVELOPED AND DEVELOPING COUNTRIES IN GOVERNANCE OF WORLD BANK CLIMATE INVESTMENT FUNDS
The World Bank’s launch of two new climate investment funds (CIF) on 1 July 2008 presents a novel institutional arrangement to channel an expected US$5 billion for climate-change related investments. The new World Bank Funds will provide equal representation to developing and developed nations, through a Trust Fund Committee, which will work by consensus and include eight representatives from donor countries and recipient countries, respectively. The fund will manage additional resources to those already committed to other World Bank managed funds, namely the Global Environment Facility (GEF), the Least Developed Countries Fund (LDCF), the Special Climate Change Fund (SCCF) and the Adaptation Fund. A Partnership Forum is also envisaged to meet annually as a broad-based meeting of stakeholders, including donor and eligible recipient countries, multilateral development banks, UN agencies and processes, the GEF, the Adaptation Fund, bilateral development agencies, NGOs, private sector entities, and scientific and technical experts. The meeting is expected to provide a forum for dialogue on the strategic directions, results and impacts of the CIF. At the Partnership Forum, donor and recipient countries will agree, within their respective caucuses, on their representation on the Trust Fund Committees.

Link to additional information
Climate Investment Funds website

JULY 2008

ADB ESTABLISHES US$100 MILLION CARBON FUND
The Asian Development Bank (ADB) has established a new fund to finance clean energy projects in the Asia-Pacific region that generate carbon credits beyond 2012. The new Future Carbon Fund is designed to stimulate investments in clean energy projects and maintain momentum until an agreement on a post-Kyoto climate framework is reached. Participants in the fund may include both public and private sector entities in ADB’s 67 member countries.

Link to further information
Asian Development Bank press release, 8 July 2008

G8 FINANCE MINISTERS SUPPORT, AND WORLD BANK BOARD APPROVES, CLIMATE INVESTMENT FUNDS
The G8 Finance Ministers meeting, which convened in preparation for the Summit of the G8 Heads of State and Government, met from 13-14 June 2008, in Osaka, Japan. During the meeting, Ministers expressed their support for two Climate Investment Funds (CIFs) designed by the World Bank to complement existing bilateral and multilateral efforts, until a post-2012 framework under the UNFCCC is implemented. The CIFs are comprised of a US$10 billion Clean Technology Fund and another multi-billion dollar Strategic Climate Fund. Together, these funds seek to scale up public and private finance for the deployment of clean technologies, prevention of deforestation, and development of climate resilient economies in developing countries. Some NGOs have objected to the funds’ support of “clean coal” power plants, noting that “clean coal” has “nothing to do with renewable energy.”

The World Bank Board of Executive Directors approved the CIFs on 1 July 2008, following an extensive public consultation process. The funds are designed to provide grants, highly concessional loans, and/or risk mitigation instruments for the implementation of country-led programs and investments. Developing countries will have an equal voice in the governance structures of the funds, and decisions on the use of funds will be made by consensus. An annual Partnership Forum will be held to provide a venue for talks on the strategic directions, results and impacts of the CIFs, the first meeting of which will take place in September, 2008, with initial project or programme approval expected by the end of 2008.

Links to further information
G8 summit information
G8 Finance Ministers meeting
Friends of the Earth press release, 4 June 2008
World Bank press release 2009/001/SDN  

World Bank Climate Investment Funds

JUNE 2008

CONGO BASIN FUND LAUNCHED
The Congo Basin Forest Fund, a multi-donor facility established to take action to protect the forests in the Congo Basin region, was launched on 17 June 2008. The Fund will be used over a ten-year period, up to 2018, to finance the Central African Forests Commission (COMIFAC) Action-Plan in ten different strategic areas aimed at conserving the Congo Basin rainforest. The partnership involves the ten member States of the COMIFAC (Burundi, Cameroon, Chad, Central African Republic, Congo, Democratic Republic of Congo, Equatorial Guinea, Gabon, Sao Tome and Principe, and Rwanda) as well as the UK and Norway. The UK and Norway are providing US$214 million to the fund and will also supply satellite-imaging technology to monitor the area.

Link to additional information
Congo Basin Forest Fund website
AfDB Press release, 16 June 2008

The Guardian, 17 June 2008

SUSTAINABLE BANKING AWARDS WINNERS ANNOUNCED
The International Finance Corporation and the Financial Times awarded Brazil’s Banco Real the Sustainable Bank of the Year award. The Sustainable Banking awards are meant to recognize the increasing consideration of sustainability issues by financial institutions. The winner, selected from 129 financial institutions across 54 countries, has pioneered sustainable banking in South America. Other awards include the “sustainable deal” of the year for BlueOrchard Finance from Switzerland, and Morgan Stanley from the US and the ”banking at the bottom of the pyramid” award to ASA from Bangladesh.

Link to further information
IFC press release, 13 June 2008

WORLD BANK, GEF AND OTHERS JOIN TO SAVE ENDANGERED TIGERS
The World Bank, the Global Environment Facility (GEF) and a worldwide alliance of tiger conservationists, scientists and celebrities have joined forces to help save wild tigers. Tiger numbers have declined from more than 100,000 a century ago to around 4,000 today. The decline is driven by a loss of prey and habitat due to uncontrolled development and poaching for the black-market trade in tiger skins and bones. The new Tiger Conservation Initiative, launched in Washington DC, brings together many of the global experts who have been studying the decline of tiger populations and national and international NGOs that have been fighting to save tigers. The Tiger Conservation Initiative will start with a series of dialogues in tiger range countries to find out what has worked locally to protect the tigers. As part of this Initiative, the World Bank has proposed a Five-Point Plan of Action that stresses community engagement over earlier and failed punitive action. It will also assess the financing needs of tiger conservation and work with governments and the private sector to find innovative funding sources and mobilize new resources for the species’ protection.

Links to further information
World Bank News , 9 June 2008
GEF News,  9 June 2008

World Bank Tiger Conservation Initiative

REGIONAL CONSULTATION CONVENES ON CLIMATE CHANGE STRATEGIES FOR AFRICAN DEVELOPMENT BANK AND WORLD BANK
The African Development Bank (AfDB) and the World Bank jointly organized a regional consultation on their respective strategies on climate change, on 4 June 2008, in Dakar, Senegal. Participants at the event agreed that energy security and long-term climate risk management and adaptation constitute strategic priorities that need to be implemented in their respective countries, and called on both institutions to harmonize their strategies in order to: make them complementary; reflect national and sub-regional strategies in their climate change strategies; and set up an innovative financial mechanism for African countries.

Link to further information
AfDB press release, 6 June 2008

MAY 2008

ASIAN DEVELOPMENT BANK LAUNCHES NEW CLIMATE FUND
The Asian Development Bank (ADB) is establishing a new fund to mitigate climate change and help the Asia-Pacific region adapt to the impacts of global warming. “The purpose of the fund is to facilitate greater investments in developing countries in Asia and the Pacific to address the causes and consequences of global warming. Money from the fund will be used to provide grant financing for technical assistance, investment projects, research and other activities, and we welcome interested parties to participate in the fund,” said Werner Liepach, Principal Director of ADB’s Office of Cofinancing Operations, regarding the fund’s launch. The ADB will provide US$40 million to the Climate Change Fund, which will be open for further contributions from other sources.

Link to additional information
ADB press release, 5 May 2008

APRIL 2008

EUROPEAN BANKS SET UP A POST-2012 CARBON CREDIT FUND
Five European public financing institutions have established a EUR 125 million Post-2012 Carbon Credit Fund. The European Investment Bank-EIB (EUR 50 million), Caisse des Dépôts (EUR 25 million), Instituto de Crédito Oficial-ICO (EUR 10 million), KfW Bankengruppe (EUR 25 million) and the Nordic Investment Bank-NIB (EUR 15 million), have created this Fund, which will exclusively purchase and trade carbon credits generated in the post Kyoto period, potentially up to 2022. By assuming the inherent regulatory risk, the Fund seeks to give a positive signal regarding development of a post-Kyoto regime, while directly supporting environmental projects. The new fund will acquire post- 2012 carbon credit streams of projects already approved, or to be approved, by the UNFCCC’s Clean Development (CDM) or Joint Implementation (JI) Mechanisms.

Link to further information
European Investment Bank press release, 28 April 2008

ISO TO DEVELOP AN ENERGY MANAGEMENT STANDARD
The International Organization for Standardization (ISO) has launched a project to develop an international standard for energy management, following the successful examples of the ISO 9000 series on quality management and the ISO 14000 series on environmental management. The creation of a project committee (referred to as ISO/PC 242) signals the first step in the development of the standard, which is expected to provide a practical and widely recognized approach to increasing energy efficiency, reducing costs and improving environmental performance by addressing both the technical and management aspects of rational energy use. It will also offer organizations with operations in more than one country a single, harmonized standard for implementation across the organization, and provide a logical and consistent methodology for identifying and implementing improvements that may contribute to a continual increase in energy efficiency across facilities. The standard is intended to be broadly applicable to various sectors of national economies, including utility, manufacturing, commercial building, general commerce and transportation sectors, and therefore could have influence on as much as 60 percent of the world’s energy demand. A working group meeting co-organized by UNIDO and the China Standard Certification Service convened in Beijing, China, on 9-11 April 2008, and the secretariat of ISO/PC 242 will be held jointly by the ISO members for the United States and Brazil: ANSI (American National Standardization Institute) and ABNT (Associação Brasileira de Normas Técnicas).

Links to further information
ISO press release, 27 March 2008
Working Group Meeting: Towards an International Energy Management System Standard, Beijing, China, on 9-11 April 2008

GEF-FUNDED BIOMASS GAS PLANT INAUGURATED IN RURAL INDIA
On 24 March 2008, a biomass gasifier plant that converts wood or agricultural residues into a combustible gas mixture was inaugurated in Boregunte, a remote village in the Karnataka region of southern India. The plant was funded by the Global Environment Facility (GEF), and supported by the Ministry of Environment and Forests of the Government of India, the Government of Karnataka, and the UN Development Programme. It is the second plant commissioned under the Biomass in Rural India (BERI) project, which seeks to promote remote communities’ access to electricity in an environment friendly, carbon neutral way, and it has the capacity of delivering 250 kilowatt-hours of electricity. Additional plants are scheduled to be commissioned in the same region during 2008.

Links to further information
UNDP press release, 24 March 2008
BERI website

MARCH 2008

FIVE INTERNATIONAL ORGANIZATIONS DEVELOP NEW AGRICULTURAL WATER STRATEGY
Five international organizations (the World Bank, the African Development Bank, the Food and Agriculture Organization, the International Fund for Agricultural Development and the International Water Management Institute) have launched a new agricultural water initiative. The “Initiative for Agricultural Water in Africa” was prepared for the New Partnership for Africa (NEPAD), and launched during the First African Water Week, held in Tunis, Tunisia, from 26-28 March 2008. The Initiative aims to provide a platform to support agricultural water in the region and will bring together financing instruments including loans, grants and other multilateral and bilateral funding in order to aid governments in improving water management.

Link to further information
World Bank press release, 28 March 2008

FEBRUARY 2008

WORLD BANK TO ANNOUNCE CLEAN TECHNOLOGY FUND
Poor countries will soon receive billions of dollars from a new World Bank fund to help them cut pollution, save energy and fight global warming. The fund will be established by the World Bank using some of the resources pledged by the US (US$2 billion) and the UK (US$1.56 billion) to combat climate change and support publicly and privately financed projects deploying technologies that can increase efficiency to achieve these goals. In addition, Japan last month announced a US$10 billion package to support developing countries’ fight against climate change, although the finance minister’s letter did not detail how much of this would be channeled through the World Bank. The World Bank has confirmed that the formal announcement of the creation of the facility will be made shortly.

Link to further information
Reuters, 8 February 2008

FINANCE FOR DEVELOPMENT PROCESS READY FOR A BUSY SEASON
The President of the UN General Assembly, Srgjan Kerim, has presented a detailed outline for the preparatory process for the Follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus, which will convene in Doha, Qatar, from 29 November-2 December 2008. The preparatory process during the first semester of 2008 will start with a series of review sessions to be convened at UN headquarters in New York, US, focusing on: �Chapter I: Mobilizing domestic financial resources for development,� (14 February); �Chapter II: Mobilizing international resources for development: foreign direct investment and other private flows� (15 February); �Chapter V: External Debt,� (10-11 March); �Chapter VI: Addressing systemic issues: enhancing the coherence and consistency of the international monetary, financial and trading systems in support of development� (11-12 March); �Chapter IV, Increasing international financial and technical cooperation for development,� (15-16 April); and �Chapter III, International trade as an engine for development,� (19-20 May). In addition, hearings with civil society and the business sector are scheduled for 18 June, and General Assembly thematic debates will address the issue of Climate Change in the UN (11-12 February), and the achievements and challenges to achieve the Millennium Development Goals (1-2 April). During July 2008, the Secretary-General will issue a report on the latest developments related to the review process and a draft outcome document based on the preparatory events.

Links to additional information
�The Road to Doha� newsletter, January 2008
UN Finance for Development Office

JANUARY 2008

DONORS AND NGOs TEAM UP TO PROTECT UNIQUE AND THREATENED AREAS
The Global Environment Facility (GEF) has announced that it will provide US$ 20 million to the Critical Ecosystem Partnership Fund (CEPF), a fund managed by Conservation International (CI) with the aim of protecting some of the world�s most unique and threatened areas (biodiversity hotspots), including island ecosystems and temperate forests. Other partners are the French Development Agency, the Government of Japan, the John D. and Catherine T. MacArthur Foundation, and the World Bank. In its seven-year history, CEPF has provided support to more than 1,200 civil society groups in Africa, Asia and Latin America, enabling the protection of more than 24 million acres (10 million hectares) for conservation and influencing policies in dozens of countries.

Link to additional information
GEF Press Release, 11 January 2008

WORLD BANK INSPECTION PANEL HIGHLIGHTS NEED TO CONSULT PYGMY COMMUNITIES IN FOREST-SECTOR PROJECTS
The World Bank independent Inspection Panel found a series of significant policy compliance failures in Bank-supported forest-sector reforms in the Democratic Republic of Congo (DRC). However, given the complex post-conflict environment in this country, the Panel encouraged the Bank to stay engaged in DRC forest work and strengthen efforts to address problems and correct policy shortcomings. Pursuant to a complaint by DRC Pygmies that ongoing forest sector reforms supported by the Bank were taking place without consultation of local communities, the World Bank�s Board of Executive Directors met on 10 January 2008, and approved a plan that aims to integrate forest-dependent communities, including Pygmies, more widely into the Bank�s activities in DRC, and to support critical activities such as capacity building, participatory zoning, customary rights, law enforcement and independent monitoring in forthcoming forest-related operations.

Links to additional information
World Bank Press Release, 15 January 2008
World Bank independent Inspection Panel Report

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