Banking world is holding back CO2 reductions in third world
A new report by the World Bank and UN Environment Programme has revealed that financial institutions are unwilling to lend money to energy saving project in the third world, which could see significant reductions in CO2 emissions and help combat global warming.
9th June 2006
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China, India and Brazil are expected to double their energy use by 2030, much of which will be achieved by building coal-fired power plants
Installing advanced technologies could reduce projected growth in energy use by a further 10%, and reduce growth in CO2 emissions by 16%, the report says.
Many energy efficiency projects quickly pay for themselves, with typical returns on investment of 20-40%.
A lack of awareness of newer, more efficient technologies, high transaction costs for smaller projects, high perceived risks, and a lack of personnel with both technical and financial skills are also holding back investment in energy efficiency projects, the report says.
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