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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."
The House Financial Services Committee will consider new legislation this week that would contribute $400 million in FY2009 to a multilateral Clean Technology Fund (CTF), administered by the World Bank, to promote low-carbon energy production in developing countries. Scheduled for mark-up on Tuesday, H.R.
On Wednesday, President Bush joined presumptive Republican nominee John McCain in supporting the reversal of a long-standing ban on offshore oil drilling. Bush believes such action, along with exploitation of oil shale deposits and drilling in the Arctic National Wildlife Refuge, will reduce the price of gasoline for Americans.
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.
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.