Ideas to Action:

Independent research for global prosperity

Views from the Center

CGD experts offer ideas and analysis to improve international development policy. Also check out our Global Health blog and US Development Policy blog.

 

Another Banner Year for IFC -- NOW Is The Time for A Big Push into Renewable Energy

This is a joint posting with David Wheeler
The International Finance Corporation, the private sector investment arm of the World Bank, is set to have yet another banner year with profits in the range of $2 billion. As the IFC's equity stakes in services, telecommunications and particularly in oil and gas have grown, so have its profits. In FY07, IFC invested more than $8 billion of its own money and mobilized nearly $4 billion more. In Sub-Saharan Africa, it invested about $1.4 billion, doubling its investments from the previous year. In FY08, these numbers look to be even larger. If the IFC continues on its current path, in five years its portfolio will be larger than that of the World Bank itself.

Lord Nicholas Stern Calls for Action on Climate and Development in Third Annual Sabot Lecture

Last week the Center for Global Development hosted the third annual Richard H. Sabot Lecture to honor the memory of Dick Sabot, a development practitioner and scholar, and a founding member of CGD's board of directors (see our events page for photos and a trascript of the event). Lord Nicholas Stern, IG Patel Professor of Economics at the London School of Economics and author of the Stern Review, spoke on "The Economics of a Global Deal on Climate Change."

House Committee Tells U.S. Treasury to Heed Calls for Redesign of Clean Tech Fund

Controversy over the World Bank's proposed design for a multibillion dollar Clean Technology Fund (CTF) reached a House subcommittee last week. When the hearing ended, Rep. Luis Gutierrez (D-IL), the chairman of the subcommittee, voiced support for CGD senior fellow David Wheeler's scenario for a successful fund. Wheeler had urged that the CTF be redesigned to rapidly drive down the price of zero-emissions renewable power so that it becomes cheaper than electricity from coal and other fossil fuels -- thereby helping to avert a climate disaster.

CGD's David Wheeler Outlines Strategic Path for Clean Tech Fund in Congressional Testimony

The U.S. House of Representatives Financial Services Subcommittee on Domestic and International Policy, Trade, and Technology held a hearing yesterday afternoon to examine the Bush administration's proposal to establish a multilateral Clean Technology Fund. CGD senior fellow David Wheeler was among the panel of witnesses invited to testify on the U.S. commitment of $2 billion over three years and whether the World Bank is a suitable home for these scarce financial resources.

Climate Change in Nashville: A Gathering Storm for the World Bank?

I spent last Thursday with Al Gore and dozens of colleagues at the Climate Change Solutions Summit, near Gore's home in Nashville, Tennessee. Gore led several jam-packed sessions, whose common theme was the search for ways out of the impasse on climate change. Some sessions took the long view, searching for clues in the history of the industrial revolution and successful social reform movements. Others, like my own session, focused on concrete steps that can be taken now.

Pages

Tags