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services with increased loan capital and concessional fundsto cover the added costs of transition to new practices.Because forestry, agriculture, and fishing are often criticalareas for many poorer developing countries in pursuinglow-carbon development, the WBG should not only “explore”these mitigation opportunities, but should be ableto prioritize immediate support. This support may demandthe use of public funding to supplement the privately availableincome flows that firms, families, or communities canreap from less-sustainable resource uses and the deliveryof these public funds through innovative measures likeeasements or contracts for ecosystem services. Moreover,as the WBG expands its activities in these sectors, it needsto carefully synchronize its approaches with the ReducedEmission from Deforestation and Degradation negotiationsand other elements of the United Nations process inorder to complement and encourage political progress inthis priority negotiation field.RecommendationsThe panel agrees with most of the excellent IEG report. Ourown statement is short enough to not require any summary.We close by reiterating only four key points that have beenemphasized both in the IEG report and our statement:• Climate damage is a serious threat to development,especially for the poor.• It is essential that the WBG as a development institutionlead in building capacity, understanding, and practicalstandards to support governments’ implemention oflow-carbon growth strategies.• The WBG can and should expand its structural lendingand grant programs for energy efficiency, renewable energy,and market transformation programs that createcorrect incentives consistent with these strategies.• Finally, the WBG is well placed to take on a missionto encourage and leverage financing for low carbongrowth. To do so, it must continue to reform its organizationalgoals, operational practices, internal incentives,and performance management criteria to valueand reward results at the systemic, rather than at theproject level.Han Seung-sooChairman, Global Green Growth InstituteFormer Prime Minister, Republic of KoreaThomas C. HellerExecutive Director, Climate Policy InitiativeLewis Talbot and Nadine Hearn Shelton Professor of International Legal Studies, Emeritus, Stanford UniversityThomas SternerProfessor of Environmental Economics, Gothenburg UniversityPast President, European Association of Environmental Economistsxxx | Climate Change and the World Bank Group
GlossaryAdditionalityBankabilityBase loadBus rapid transit (BRT)Bus rapid transit system (BRTS)Carbon dioxide equivalent(CO 2e)Carbon finance unit (CFU)Carbon fundCarbon offset (or credit)Carbon returnCertified emission reductionClean DevelopmentMechanism (CDM)Combined heat and power (orcogeneration)Combined-cycle turbineTo generate carbon offsets recognized under the Clean DevelopmentMechanism or Joint Implementation, projects must show that their emissionreductions would be in addition to those that would occur in theabsence of carbon finance.The ability of a project to attract sufficient financing to be viable. A projectmight not be bankable if its profits are not high enough in early yearsto cover the needed debt payments.The amount of power required to supply minimum customer demands(as power demand fluctuates throughout the day, or seasonally).An efficient urban transit form using priority or dedicated bus lanes.An integrated system of multiple bus rapid transit lines.Number of tons of carbon dioxide considered to have the same impact onglobal warming as a ton of a specified gas. For instance, one ton of methaneis considered equivalent in warming to 25 tons of CO 2.The World Bank unit that manages carbon funds and purchases carbonoffsets.A trust fund established to purchase carbon offsets.A commodity representing a reduction in greenhouse gas emissions (includinggases other than carbon dioxide), used by purchasers to meetregulatory or voluntary limits on emissions. Certified emission reductionsare one type of carbon offset.The effectiveness of a project in reducing carbon dioxide emissions (asopposed to the economic return, or other environmental benefits). Measuredin lifetime kilograms of CO 2e emissions reduced per dollar of investmentcost.A carbon credit (measured in tons CO 2e) for an emissions reduction associatedwith a Clean Development Mechanism project.A mechanism under the Kyoto Protocol by which developed countriescan finance greenhouse gas emission reductions or removal projects indeveloping countries. In turn, the developed countries receive credits fordoing this, which they may apply toward meeting mandatory limits ontheir own emissions.The production of both electricity and economically valuable heat (forindustrial processes or space heating), for example, from a steam boiler.A relatively efficient technology for power generation from combustion,usually of natural gas.Glossary | xxxi
Page 1 and 2: Phase II: The Challenge of Low-Carb
Page 3 and 4: CLIMATE CHANGE AND THE WORLD BANK G
Page 5 and 6: Table of ContentsAbbreviations . .
Page 7 and 8: Figures1.1 GHG Emissions by Sector
Page 9 and 10: AcknowledgmentsThe report was prepa
Page 11 and 12: Executive SummaryUnabated, climate
Page 13 and 14: esettlement plans has been ineffect
Page 15 and 16: of some technologies, such as landf
Page 17 and 18: Scale up high-impact investmentsEne
Page 19 and 20: should have been strengthened in th
Page 21 and 22: Major monitorable IEGrecommendation
Page 23 and 24: Major monitorable IEGrecommendation
Page 25 and 26: Chairman’s Summary: Committee onD
Page 27 and 28: most places. Before we get there, w
Page 29 and 30: non-Annex I countries. The World Ba
Page 31: attention. In a couple of decades,
Page 35 and 36: Joint ImplementationA mechanism und
Page 37 and 38: Chapter 1evALuAtiOn HiGHLiGHts• T
Page 39 and 40: of interventions, from technical as
Page 41 and 42: would allow industrialized countrie
Page 43 and 44: growth, poverty reduction (includin
Page 45 and 46: Table 1.1 Map of the EvaluationSect
Page 47 and 48: Chapter 2eValuaTION HIGHlIGHTS• W
Page 49 and 50: Table 2.2Evaluated World Bank Renew
Page 51 and 52: Figure 2.2Breakdown of 2003-08 Low-
Page 53 and 54: Table 2.4 Commitments to Grid-Conne
Page 55 and 56: Box 2.1The Economics of Grid-Connec
Page 57 and 58: on average (Iyadomi 2010). (Reducti
Page 59 and 60: and industrial policy. An increasin
Page 61 and 62: Table 2.6Hydropower Investments by
Page 63 and 64: costs for remaining unelectrified a
Page 65 and 66: World Bank experienceTwo factors ac
Page 67: Box 2.5On-Grid and Off-Grid Renewab
Page 70 and 71: Energy EfficiencyThe first phase in
Page 72 and 73: Box 3.1ESCOs and Energy Performance
Page 74 and 75: have had limited causal impact on t
Page 76 and 77: measurement of achieved economic re
Page 78 and 79: Since the early 1990s, public entit
Page 80 and 81: part with a $198 million IDA credit
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Chapter 4eVAluATioN HigHligHTS• B
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The WBG urban transport portfolio (
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y conventional transport systems, i
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include the forest carbon projects
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for Costa Rica for the period 2000-
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After 20 years of effort, systemati
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orrowers have demonstrated the abil
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Chapter 5EVALuATioN HigHLigHTS• O
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Consequently, the efficiency with w
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technologies could accelerate diffu
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A second issue, inherent to any adv
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goal of promoting wind turbine impr
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ConclusionsThe WBG’s efforts to p
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Table 5.1Carbon Funds at the World
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demonstration initiative. The Commu
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Impacts on technology transferThe 2
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Chapter 6Photo by Martin Wright/Ash
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Figure 6.1800Economic and Carbon Re
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Specifically, the WBG could:• Pla
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Table 6.1Summary of Sectoral Findin
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Table 6.1Sector Intervention Direct
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Appendix ARenewable Energy Tables a
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Table A.4Grid-Based Biomass/Biogass
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Table A.5 (continued)Negative examp
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Figure A.4A. Hydro/biomass capacity
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Appendix bWorld Bank Experience wit
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Table C.2Completed Low-Carbon Energ
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TAble C.4Reviewed energy efficiency
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the new capacity. Transmission syst
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Table E.2Climate obligationsCoal Pl
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Table F.2GHG objectiveModeNumber of
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IEG eliminated a few cases of doubl
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Table H.1Project andlocationBioener
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Appendix ICarbon and Economic Retur
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Appendix JRecent WBG Developments i
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y providing value to standing fores
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never had an explicit corporate str
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overnight. The Bank can provide ass
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Chapter 51. From the chief economis
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Hartshorn, G., P. Ferraro, and B. S
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______. 2007. World Development Ind
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IEG PublicationsAnalyzing the Effec
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