development funding done right

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Development Funding Done RightHow to Ensure Multilateral Development Banks Finance Clean

and Renewable Energy Projects to Combat Global Warming

Kari Manlove, Andrew Light, Kate Gordon, and Richard Caperton March 2010


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Inoducion and summay | www.ameicanpogess

Introduction and summary

Te World Bank Group is he larges and mos imporan mulilaeral developmen bank

providing criical unding across he developing world o gh povery and boos eco-

nomic growh and prosperiy. Ye he World Bank and is aliaes (see box on page 2)

direc more han wice as much nancing oward ossil uel-based energy projecs han

hey do oward clean energy and energy eciency projecs despie he global warming

crisis ha hreaens he developing world mos severely.

Te developed naions o he world, o varying degrees, are shiing away rom ossil

uel-based energy oward clean energy in order o conribue o global climae sabiliy, a

more secure energy uure, and more broad-based economic prosperiy. While developing

counries are also making grea srides in his direcion, much more needs o be done.

By 2030, carbon dioxide emissions rom developing counries will acually exceed hose

rom developed counries by 77 percen.1 Te dire environmenal consequences o a

warmer world will be mached by poenially debiliaing economic shocks. According o

he Sern Review on he Economics o Climae Change, an increase in global emperaure

o 5 C o 6 C (abou 9 F o 10.8 F)a real possibiliy over he nex hundred years

could lead o an average 5 percen o 10 percen loss in global gross domesic produc,

wih developing counries hi hardes.2

Global warming is a looming economic disaser ha economic developmen sraegies

simply mus address. Ye he World Bank, which oen ses he sandard or mulilaeral

developmen banks around he world, is no doing enough o help developing naions

embrace a more susainable economic developmen model. Tis is a problem or an

insiuion wih he moral and nancial responsibiliy o oser large-scale invesmen in

susainable economic growh. Te bank should be using is considerable resources o help

developing counries choose low-carbon developmen pahways.

Te World Bank claims ha i is now nancing more low-carbon energy projecs in he

developing world, ye carbon-inensive energy projecs coninue o receive more han veimes as much World Bank suppor as low-carbon and energy eciency projecs. Consider

jus hese wo cases in poin:


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2 Cene fo Ameican Pogess | Developmen Funding Done righ

Te World Bank is in he process o providing a $3.75 billion loan o Souh Arican uil-

iy Eskom o build a supercriical coal-red plan. Te World Bank says such supercrii-

cal coal projecs are more energy ecien han radiional coal-red plans, bu hese

power plans sill conribue massively o global warming compared o alernaive or

renewable energy-powered plans.

Te Inernaional Finance Corporaion in 2008 helped nance he aa Ulra Mega, a4,000-megawat supercriical coal-red power plan in Indias Gujara sae. Once on-

line, he aa Ulra Mega will be one o he worlds op 50 greenhouse gas polluers.3

The World Bank Group is comprised o a number o global economic development

acilities consisting o the International Bank or Reconstruction and Development and

International Development Associationcommonly known as the World Bankthe

International Finance Corporation, the equity investment arm o the rst two global lend-

ing institutions, the Multilateral Insurance Guarantee Agency, and International Centre or

the Settlement o Investment Disputes. The World Bank Groups donor country members

support all o these multilateral development institutions and hold shares in these institu-

tions that are broadly commensurate with their unding levels.

For simplicitys sake, in this report we reer to all o these entities as the World Bank unless

its individual units need to be explicitly reerenced.

The World Bank Group

Te World Banks nancing o such energy projecs risks puting in jeopardy he worlds

mos vulnerable communiiescommuniies i exiss o help. Residens o developing

counries, paricularly in Asia, breahe in he environmenal conaminans o coals pol-

luion every day. Smog visibly hangs over major urban ceners and soo blankes villages

causing severe respiraory diseases.

Recen sudies show ha pariculaes rom air polluion and soo are he second leading

cause o global warming behind carbon dioxide.4 Te cos in los produciviy and rising

healh care coss in he developing world as a resul o diry, ossil uel-lled air is growing

apace. Te World Bank should more careully align is energy nancing policies wih he

broader economic and environmenal needs o hose i was ounded o help.

Forunaely, he mehod o ensure such a ransiion is now beore he World Bank and is

donor counries. Tis year he World Bank is asking or is rs general capial increase

in 20 years. A decision is expeced laer his year, bu in lae 2009 he U.S. reasury


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Inoducion and summay | www.ameicanpogess

Deparmen released a se o guidelines o direc he World Bank o consider low-carbon

energy projecs on par wih coal projecs. Te guidelines soon became discussion poins

relaed o he general capial increase.

Te response o he U.S. reasury guidelines rom he World Banks oher donor naions

and rom civil sociey organizaions close o he bank was a mixed bag o applause, epid

accepance, and ourigh objecion. Te mos vocierous opponens o he U.S. policychange are developing counry represenaives on he board o he World Bank, among

hem China and India, who are upse wih he process by which he Unied Saes made

such recommendaions and adaman abou urning o coal in he absence o viable alerna-

ives. Wha is being overlooked, however, is ha he medium- o long-erm oulook on he

coss o global warming will overrun he benes o shor-erm economic growh delivered

hrough new coal-red power generaion plans.

As he World Banks sakeholder counries consider he mulilaeral nancial insiuions

reques or a general capial increase, he Unied Saes needs o muser suppor o link

new capial wih new hinking abou low-carbon generaion and energy eciency. Te

Unied Saes and like-minded naions ha ogeher exercise majoriy conrol o he World

Bank mus demand ha he World Bank prioriize invesmen in low-carbon generaion

and energy eciency projecs ha will no only creae jobs and needed energy inrasruc-

ure oday bu also help sabilize local ecosysems, promoe communiy healh, and ensure

coninued economic prosperiy.

Discussions his year abou a general capial increase or he World Bankhe decision

will come in he spring o 2010presen a perec momen o insiue long-erm reorms

on energy nancing. Specically, he Unied Saes and is allies on he World Bank board

should require ha he bank o:

Suppor low-carbon economic growh in developing counries hrough is nancing

o energy projecs Issue an annual repor on he enire World Bank Groups energy nancing, wih clearly

dened uel ypes and power generaion Bring more ransparency o is energy projec selecion process Consider he impac o greenhouse gas emissions in economic analyses o all

energy projecs

In he pages ha ollow, we will rs review he World Banks curren energy nancing

pracices, review heir recen eors o nance more low-carbon and energy eciency

projecs, and hen discuss he reasury Deparmens guidelines in more dephouchingon a complicaed debae regarding energy povery and clean energy services. We will con-

clude wih recommendaions ha more ully fesh ou a responsible pah or uure energy

nancing prioriies or he World Bank.


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Te energy nance decisions he World Bank makes in he coming years will infuence

economic growh and prosperiy in developing world lending or decades o come. Te

Unied Saes is absoluely correc o insis he World Bank shi is nancing prioriies

o build a more prosperous and susainable global low-carbon economy. Te orhcom-

ing capial-raising alks a he World Bank are jus he vehicle o ensure his shi happens

quickly. Tere is litle ime o wase.


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the Wold Banks fossil fuel financing ecod | www.ameicanpogess

The World Banks fossil fuelfinancing record

Comprehensive daa rom he World Bank on is energy nancing projecs suers rom a

lack o ransparency.5 Te World Bank in 2007 prepared a repor on is energy nancing,

which i caegorized as:

Low carbon Access Blended low carbon and access ransmission and disribuion Oil, gas, and coal Termal generaion Oher energy6

Unorunaely, he World Banks descripions o hese caegories makes i dicul o do an

accurae accouning or he number o high-carbon, low-carbon, and no-carbon inves-

mens he bank makes, or he comparaive megawats o elecriciy relaed o hose projecs.

Addiionally, because he World Bank considers some coal-red power plans o be low

carbon, or example, i hey employ carbon abaemen echnologies such as he pulver-

izing echniques used in supercriical coal aciliies, he World Banks curren invesmenramework gives ew clues o how seriously i akes is saed commimen o promoe

economic developmen and climae change. A similar problem is eviden in he ac ha

access, ransmission, and disribuion projecs can indirecly increase he use o ossil uels,

which raises concerns abou heir conribuions o climae change.

Atemping o bring some clariy o he World Banks energy nancing pracices, he

World Resources Insiue, or WRI, recenly ariculaed a se o 10 crieria o judge he

exen o which he World Bank assesses climae change and environmenal susainabiliy

in loans in he elecriciy secor.7 Te environmenal hink anks crieria include:

Long-erm, inegraed energy planning Regulaory policies o encourage renewable energy and energy eciency projecs Reorms o recognize he rue environmenal and social coss Access or he poor o he resuling power generaion Oher benchmarks relaed o good governance, such as ransparency and

sakeholder engagemen


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According o heir analysis, roughly one-hird o 31 loans considered by he World Bank

beween 2006 and 2008 conormed o a leas hal o hese susainabiliy crieria; mos

me ewer han our o WRIs elemens o susainabiliy. Anoher WRI repor concludes

ha in 2007, nearly hal o all World Bank energy nancing wen o projecs in which he

eecs o climae change were mosly ignored.8

How he World Bank caegorizes is energy projecs is one hing. How i acually nanceshem is anoher, and arguably, more serious problem. In he absence o sraighorward

daa rom he World Bank, we mus rely on hird-pary analysis o World Bank pracices.

Te Bank Inormaion Cener, or BIC, a nonpro organizaion ha moniors he World

Banks nancing aciviies, has atemped is own analysis. BIC examined he World

Banks nancing pracices and ound a heavy preerence or ossil uel projecs wihin he

energy porolio.

BIC research shows ha in 2007 he World Bank pu more han wice he nancing ino

ossil uel projecs as ino renewable and ecien energy projecs.9 Specically, BIC ound

ha in 2007 he World Bank invesed more han $1.5 billion in ossil uel projecs and

$641 million in renewable energy and energy eciency projecs.

Whas more, when energy eciency projecs such as modernizing indusrial aciliies o

minimize wased energy are removed rom he comparison, he repor nds he World

Bank nanced ve imes as many ossil uel projecs as renewable energy projecs in 2007.

Nor have hings improved since 2007. BIC calculaed ha in 2008 he amoun o nancing

dedicaed o ossil uel projecs by he World Bank and Inernaional Finance Corporaion,

or IFC, more han doubled.10 In conras, he combined caegories o solar energy, wind,

biomass, geohermal, and small hydropower only saw an 11 percen increase in unding.11

Collecively, hese World Bank-nanced ossil uel projecs are likely o make a signi-can conribuion o global warming polluion. BIC esimaes ha he ossil uel projecs

nanced by he World Bank and he IFC in 2008 will be responsible or 2,072 million

meric ons o carbon dioxide over heir lieimesor 7 percen o annual global carbon

dioxide emissions rom he energy secor once he projecs are up and running.12 Tis

percenage ses a dangerous rajecory given he urgency o he climae crisis.

Bu despie he analysis by WRI and BIC, signican quesions remain abou exacly how

much o he World Banks annual nancing goes o suppor ossil uel energy projecs. For

sarers, he World Bank does no make public any gure corresponding o he oal annual

invesmens o all o is dieren lending and invesmen aciliies. racking heir spend-

ing hus requires compiling daa rom ve dieren annual repors, each o which describeoal expendiures in dieren erms.

More problemaic sil l is he banks overgeneralized projec caegorizaion sysem, which

makes i exceedingly dicul o know exacly where energy-relaed nancing is going. o


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the Wold Banks fossil fuel financing ecod | www.ameicanpogess

deal wih his challenge, BICs mehodology was o rack every single

loan or invesmen he World Bank makes.13

Despie hese hurdles, in his repor, we have used available daa o

esimae how much o he World Banks oal unding is going o ossil

uel-based energy projecs. Because o he limiaions o he available

daa hese aren precise numbers, bu are inended o presen an idea ohe scale o his unding.

Our own analysis shows ha while oal World Bank energy nancing

varied rom 2004 o 2007 (he las year or which we can nd adequae

daa), he banks overall emphasis on ossil uel nancing remained

remarkably sable (see char). Among elecriciy generaion projecs,

ossil uel-based projecs received he grea majoriy o suppor even as

he bank claimed i had placed more emphasis on carbon miigaion.

Our conclusion is ha he World Bank is nancing ar more ossil uel

power generaion projecs han renewable or ecien energy projecs.

In so doing, he bank is commiting is recipien counries o an unsusainable growh

model ha will have proound long-erm consequences or hese counries residens, eco-

sysems, and economies. Look no urher han he banks conroversial nancing o Souh

Aricas laes coal-red power plan (see box).

Fossil fuels continue to dominate Worl

Bank energy spending

A breakdown o the World Banks inancing o ene

projects between 2004 and 2007

Source: Authors calculations based on datWRI, BIC, and the World Bank Group.

16%

14%

12%

10%

8%

6%

4%

2%

0%

Total energy spending

Fossil fuels

Large hydro

2004 2005 2006

Energy efficiency

New renewable ener

Other

South Arica in 2008 suered an electricity shortage in large part dueto a lack o advance planning by the government and the countrys

state-owned utility, Eskom. Part o the countrys answer to the problem

is a proposed 4,800-megawatt coal-red power generation plant, called

Medupi, to be built in the north o the country and nanced in part by

a $3.75 billion loan rom the International Bank or Reconstruction and

Development. The World Banks board o directors is scheduled to ap-

prove this loan in March 2010 ater South Arican President Jacob Zuma

requested an expedited approval process.14

Eskom, which already operates the worlds largest coal-red power plant,

Kendal Power Station, generates 95 percent o South Aricas electricity.Overall, Eskom runs 13 coal plants across the country.15 One reason or Es-

koms continued reliance on coal is that South Arica also boasts a wealth

o coal resources, which explains in part why it has one o the highest

global rates o per capita greenhouse gas emissions.

South Arican civil society groups have argued that the loan ails tocount or the external costs o pollution and the health consequen

the average South Arican. More than 50 organizations are arguing

Eskom should explore low-carbon and energy efciency alternativ

South Arica has been at the oreront o developing countries wor

to combat global warming. President Zuma was one o the leaders

took a pivotal role in piecing together the Copenhagen Accord in t

11th hour o last Decembers U.N. climate talks. But now Zuma is p

or a plant that will help to quell the energy shortages that still pla

the country, but will only make it more difcult or South Arica to

the carbon mitigation reductions to which it is now committed. Thnot the time to backpedal on the countrys commitments to its citi

and the world.

South Africas confrontation over coal


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Sustainability effortsat the World Bank

Te World Bank is no insensiive o he problems o global warming or o he connecion

beween economic developmen and global climae change. Alhough he banks curren

nancing pracices provide subsanial suppor or ossil uels in general, and coal-red power

plans in paricular, i is also paying increasing atenion o climae change, climae nance, and

environmenal susainabiliy. Several iniiaives demonsrae he World Banks slow shi oward

susainabiliy, noably is Sraegic Framework on Developmen and Climae Change, released

in 2008, and he Climae Invesmen Funds, which were se up o be adminisered by he World

Bank around he same ime.

Te Sraegic Framework on Developmen and Climae Change, or SFDCC, conains he

World Banks oundaional posiion on global warming: Unabaed, climae change hreaens o

reverse hard-earned developmen gains [bu] a well-designed and implemened global climae

policy can also open new economic opporuniies o developing counries.17 Te SFDCC goes

on o ouline a vision and sraegy o guide he World Banks nancing pracices in accordance

wih is recogniion o he impac o climae change on is recipien counries. Te documen

idenies six acion areas or increased involvemen by World Bank Group eniies:

Suppor climae acions in counry-led developmen processes

Mobilize addiional concessional and innovaive nance Faciliae he developmen o marke-based nancing mechanisms

Leverage privae-secor resources

Suppor acceleraed developmen and deploymen o new echnologies

Sep up policy research, knowledge, and capaciy building

In addiion, he SFDCC ses a goal or he World Bank o increase is nancing or renew-

able energy and energy eciency by roughly 30 percen each year. Te ramework calls or an

inerim repor in he second hal o 2010 o discuss he World Banks progress in ollowing and

implemening he SFDCC. Tis repor is currenly in process.

Te SFDCC is a commendable underaking bu a his momen in ime does no necessarilyrepresen he World Banks pracices a large or a ew reasons. Firs, he SFDCC is in early

sages and only coming under is rs review. Many o he eors ha he SFDCC encompasses

are also in early sages or pilo projecs. Tere is no widespread evidence ha he SFDCC is as


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Susainabiliy effos a he Wold Bank | www.ameicanpogess

infuenial in he World Banks lending as i could be. And nally, he SFDCC repors he World

Banks progress according o an inconsisen and unclear breakdown ha does no refec energy

lending in a sraighorward manner.

Ye as he World Bank begins o more horoughly address is inernal nance decision-making

sysems, i also aces increasing ouside pressure o play an acive role in global climae nance. In a

2008 survey o global opinion leaders and sakeholders by he World Bank abou is uure direcion,71 percen o respondens hough ha he bank should assume a leadership role on climae nance

and ha his role should be second only o is mission o assis he developmen o poor counries. 18

As par o he SFDCC process he World Bank became he home and adminisraor o he Climae

Invesmen Funds. CIFs were esablished by a join iniiaive beween he Unied Kingdom, Japan,

and he Unied Saes and consis o wo disinc unds: he Clean echnology Fund, which aims o

deploy clean echnologies in developing counries, and he Sraegic Climae Fund, an umbrella or

several secoral unds ocusing on areas such as oresry and adapaion. 19

As o Sepember 2009, eigh counries had pledged $4.9 billion o he Clean echnology Fund,

which is he larger o he wo CIFs.20 o receive unding rom he CF, developing counries

creae invesmen plans wih mulilaeral developmen banks o demonsrae an economic

developmen rajecory ha inegraes a low-carbon sraegy as well. Te World Bank co-nances

he unding, working closely wih regional developmen banks o assess a counrys invesmen

plan and capaciy o execue low-carbon projecs a scale. o bes enable his, he CF is avoiding

spreading he unding oo hin and hus blocking he ull poenial o a projec.

Te Unied Saes rs considered making a conribuion o he CF in he scal year 2009 bud-

ge. In response, a number o environmenal and developmen groups expressed srong concern

abou supporing he World Banks climae nancing aciviies wihou signican reorm. New o

he scene and acing boh bureaucraic obsacles and subsanive objecions, Congress made nobudge auhorizaion o he CF unil FY 2010. Te FY 2010 budge requesed $500 million and

he CF received $300 million. Te FY 2011 budge, which has ye o be considered by Congress,

requess an addiional $400 million.

Tis example o he pace o U.S. unding or he CF is illusraive o he CFs slow bu no hope-

less sar. Te Unied Kingdom, Japan, and he Unied Saes called or he Climae Invesmen

Funds less han wo years ago. Te CF was ormally esablished in July 2008, and already eigh

counries and one region have submited invesmen plans ha he CF rus Fund Commitee

has endorsed, including projecs in Egyp, Morocco, Souh Arica, Mexico, Tailand, urkey,

Vienam, and he Philippines. Te Middle Eas and Norh Arica, as a region, are pursuing develop-

men o concenraed solar hermal iniiaives. Te invesmen plans broadly suppor wind energy,concenraed solar, energy eciency, and urban ransporaion, such as bus rapid ransi programs.

Considering he challenges inheren in geting any mulilaeral und up and running quickly, he

CFs progress is laudable bu as o ye i is sill no refecive o he World Bank Groups core

lending pracices.


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Guidance from the Departmentof Treasury

Te Unied Saes, however, is saring o send signals o he World Bank abou changing

is ways. Te U.S. reasury Deparmen, or example, is ighening is expecaions o he

banks adherence o more susainable and low-carbon climae nancing. Te key piece o

evidence or his shi is is new se o guidelines or all mulilaeral developmen banks ha

were published by reasury in lae 2009. Tese guidelines call on he banks o do more o

ensure ha nancing or low-carbon or no-carbon echnologies will increase while due

diligence is compleed o ensure ha he rue carbon cos or each projec is couned.

Alhough no inended, he iming o he release o he guidelines is noeworhy. In lae

February and early March o his year, he World Bank is conducing a series o consulaions

wih key sakeholders, among hem he Unied Saes, France, and Germany, o argue or a

general capial increase in he World Banks unds and o assess he sakeholders overall reac-

ions o curren unding prioriies, especially in ligh o he recen economic downurn.

Nongovernmenal groups in he Unied Saes provided reasury wih inpu as i devel-

oped hese guidelines. Environmenal groups paid paricular atenion o how reasury

approached he imbalance beween unding or ossil uel power projecs and low-carbon

projecs. In Augus 2009, or example, he Sierra Club and he Rainores Acion Nework

submited a leter o reasury discouraging nancial assisance or coal in boh domesicand inernaional markes, arguing ha scarce public inernaional nance should ocus

on acceleraing he ransiion in developing naions and newly indusrializing economies

o renewable energy and o ruly low carbon alernaives. 21

reasury did no conduc a ormal consulaion process nor open he guidelines or

commenary prior o heir publicaion. reasury released he guidelines online during

he second week o he climae negoiaions in Copenhagen and iniially hey did no

receive much atenion.22 As he guidelines received more atenion, however, hey began

o receive boh posiive and negaive reviews, bu hey are clearly meaningul in ha hey

send a srong poliical signal rom he Unied Saes o developing counries ha he

Unied Saes is serious abou helping hem develop low-carbon growh sraegies andnance low-carbon elecriciy generaion.

Tis is par o a monumenal shi in U.S. hinking, one ha is urher evidenced by he

U.S. commimen o a air share o he 2012 as-rack unding ha immediaely mobi-


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Guidance fom he Depamen of teasuy | www.ameicanpogess.o

lizes nance or developing counries and o U.S. willingness o embrace he 2020 mid-

erm arge o $100 billion in unding or developing counries o adap o global warming

and make he ransiion o a low-carbon economy.

Several o he guidelines objecives are designed o specically address he problems

raised in his repor abou he World Banks approach o nancing power generaion proj-

ecs in he developing world, among hem:

Begin considering greenhouse gas emissions in nancing decisions Miigae price hurdles or he adopion o low-carbon echnologies or power generaion Build supply and demand or low-carbon resources Provide loans ha level he playing eld in erms o coss and invesmen decisions

beween coal and low-carbon alernaives Explore low-carbon alernaives alongside coal-red generaion Require projecs o use he bes available echnology whenever possible Make he decision-making process more ransparen o sakeholders, board members,

and he public hrough documenaion o he appraisal and decision processes

In ligh o he aoremenioned diculy in acquiring records or reporing o he banks

energy lending, ransparency emerges as a paricularly relevan and appropriae reques.

Noneheless, he guidelines could be sharpened on a ew key concerns. While reasury

requess ha he World Bank and oher mulilaeral developmen banks consider green-

house gas emissions in heir nancing decisions, i is unclear how heavily hey will be

required o weigh in hose decisions. One could argue ha he guidelines lack such speci-

ciy because he orm o implemenaion should be le up o he bank in consulaion

wih oher sakeholders. Noneheless, he guidelines have become conroversial wihin he

banks board o direcors and he 24 execuive direcors represening member counries.

As was previously menioned, aer reasury published is guidelines in lae December hey

wen largely unnoiced by many, including some bank shareholders. Once nalized, insead

o circulaing is nal produc o he World Banks board o direcors, reasury sen he

guidelines direcly o World Bank Presiden Rober Zoellick. While his procedure is no

unprecedened, he guidelines discuss an especially sensiive issue ha warrans atenion.

Tus, perhaps, because he U.S. Execuive Direcor Ian Solomon has he greaes percen-

age o he voing share on he board, his direc approach appeared o oher execuive

direcors as a unilaeral move. Nine o hese direcors, represening developing counries

including China and India, responded wih a ormal objecion o Presiden Zoellick.23Tey pu heir poin procedurally ha he Unied Saes had signaled an unhealhy

subservience o he decision making process in he Bank o he dicaes o one member

counry brough abou in an opaque and non-inclusive manner.24 Te guidelines are now

open or commen.


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More subsanively hese execuive direcors signed on o he leter o Zoellick ha

emphasized ha he banks primary objecive is o alleviae povery and ha coal advances

his objecive more ecienly and a a lower cos han do many renewable and ecien

energy projecs. Te execuive direcors leter said, Te Bank should be concerned abou

climae change only o he exen i impinges upon he eors o he developing counries

oward achieving povery alleviaion and economic growh.

Wha his view overlooks, however, is ha a carbon-inensive approach o economic

developmen is in ac a odds wih long-erm povery alleviaion in ha i speeds ecologi-

cal desrucion and orces dependence on increasingly high-cos and unhealhy ossil uels.

Tis viewpoin also misses he opporuniy o leverage he shi o a low-carbon economy

as a powerul means o job creaion, inrasrucure invesmens, he developmen o new

poenial growh secors, and more. Te bank could provide resource and echnical assis-

ance o developing counries ha can be acive players in harnessing his ransiion or

economic gain and povery reducion.

Beore we complee our discussion o he U.S. reasurys response o hese criicisms, and

our recommendaions abou how he Unied Saes should proceed on he quesion o

a general capial increase or he World Bank, we need o pause here o deail why hese

execuive direcors rom developing counries are misaken abou coal.


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Poverty, energy poverty,and a warming climate

Te serious impac ha global warming polluion can have on human healh, habiaion, and

economic sabiliy is increasingly clear. Climae scieniss warn o he imminen risks in leting

global warming coninue unabaed. Te more greenhouse gas emissions conribue o warming

he amosphere, he more severe he climaic consequences o humans. Global warming is pro-

jeced o cause sea level r ise, inensiy sorms, prolong and exacerbae drough, aggravae ood

shorages and waer scarciy, and poenially uel poliical insabiliy.

Mos scieniss call or sabilizing he concenraion o carbon dioxide in he amosphere a 450

pars per million, bu some paries now insis ha anyhing over 350 pars per million is oo

dangerous. For unprepared developing counries, especially hose in low-lying areas, even he bes

case global warming scenarios could be severely crippling especially given he prospecs o sea

level rise even wih a scenario ha sabilizes emperaure increase a 2 C over pre-indusrial levels.

In addiion, serious public healh risks accompany he polluion emited by radiional ossil uel

energy sources, such as coal-red power plans and exhaus pipes. In Asia, or example, amo-

spheric brown clouds o soo, known as ABCs or shor, hang low o he ground and cause

severe respiraory problems. Tese ABCs haun ciies and are he second-leading cause o global

warming aer carbon dioxide. Such black carbon is commonly called he poor mans polluion

because i mixes pariculaes rom ossil uel combusion wih ha o dung, agriculural residue,and oher cheap uel sources burned in urban cooking soves.

Complicaing he healh consequences o coal-red power plans, however, is he ac ha 1.6

billion people around he world lack aordable and reliable access o elecriciy services and are

considered o live in energy povery.25 Some o he counries ha suer he mos rom energy

povery are undersandably ocused on power generaion as a op prioriy or economic develop-

men. Bu i he soluions o alleviaing energy povery increase global warming polluion, hen

hey will have he ulimae eec o undermining poor communiies and acually creaing poor

healh and unsusainable economic sysems. wo seps back or every one sep orward.

I is criical o emphasize ha we are no advocaing agains greaer energy access or develop-ing counries. Te World Bank is an indispensable player in combaing povery, alleviaing

energy povery, and providing energy services. As he World Banks Independen Evaluaion

Group, or IEG noes, he welare benes o elecriciy access are on he order o $0.50 o $1

per kilowat-hour.26


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There is no doubt that the United States must conront its own use o

coal. This is an essential piece in legitimizing our voice in global discus-

sions o low-carbon economic development. For this reason, the Center

or American Progress supports putting a price on carbon emissions,

which will dramatically change our nancial calculations o energy

generation and ensure we take the health, environmental, and economic

consequences o coal-red power generation into consideration.

Leveling the playing eld or new, low-carbon technologies will help

drive investment into new industries and markets and will create millions

o jobs in inventing, producing, installing, and maintaining clean and

efcient energy systems. Case in point: The clean-energy projects that

were unded as part o the 2009 stimulus package provide resources or

investing in a new national energy grid, which could both save energy byeliminating inefciencies in the current system and make it possible to

better integrate renewable energy sources into the system, thus lowering

our reliance on coal. Our estimates are that these resources alone could

create up to 278,600 jobs o which 139,700 would be ongoing.30

Even as we ocus on new renewable energy sources, we cannot com-

pletely turn our back on the coal plants that currently provide more than

50 percent o this country s electricity. We must prioritize investments in

industrial efciency to make these plants run cleaner, as well as in the re-

search, development, and deployment o so-called carbon-capture-and-

sequestration technologies, or CCS, which, i successul, would extractcarbon at some point in the process o burning coal or electricity genera-

tion and store it indenitely in materials or in underground cavities.

For new plants, CAP calls or an emissions perormance standard th

requires all new coal-red power plants to meet a carbon dioxide e

sions standard achievable with the best available CCS technology.3

have also proposed a joint initiative between the United States and

to cooperate on three key acets o emissions reductions and CCS d

ment:

Establishing pilot sequestration programs or industrial plants in

Investing in research on retrots o aging coal-powered plants

Mobilizing the private sector to support these eorts32

To aid in the growth o clean-energy markets, commercialize low-c

technologies, and engage the private sector at ull capacity, the Un

States should create and und a new Clean Energy Deployment Adtration.33 CEDA would provide direct support, such as direct loans,

o credit, loan guarantees, and indirect support, such as authority t

bonds, purchase debt securities, and other nancial products or c

energy projects.

CEDA would jumpstart business investment, increase capital at red

loan rates, lower energy prices to consumers, and spur the constru

and operation o domestic clean-energy and energy efciency proj

This in turn would enable and accelerate the potential to transer l

carbon energy generation technologies to developing countries.

Global warming is a challenge that every nation conronts and it is

tial that the United States do its part to reduce emissions rom coa

power plants and invest in a cleaner, more sustainable uture.

The United States at the coal face

His analysis inernalizes wha is ypically considered an exernaliy o cos assessmens by he

World Bank and ohers. His resuls reurned a nancial preerence or low-carbon echnology,

again in avor o a solar hermal plan.

Te lesson here is ha he World Bank can and should srive o alleviae energy povery hrough

low-carbon soluions ha are he building blocks or susainable economic developmen. Few

eniies are beter posiioned o be he caalys in clean-energy nance in developing counries.Te World Bank has an opporuniy o revoluionize he ransiionan opporuniy i mus seize.

Te Unied Saes mus drive his eor, boh a he World Bank and a home, where U.S. reliance

on coal or power generaion is equally conroversial (see box).


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Timing is everything

Te coming monhs will presen several ideal opporuniies o communicae sakeholder

counries concerns regarding energy lending and climae nance o he World Bank. As

noed, or he rs ime in 20 years, he World Bank is requesing a general capial increase

rom is donor counries. In addiion, he World Bank, ollowing up on is Sraegic

Framework on Climae Change and Developmen, plans o issue an inerim progress

repor ollowing he general capial increase consulaions, roughly imed o coincide wih

he sakeholders decisions on capial increases.34

Tese developmens presen an opporuniy or he World Bank o compare is acivi-

ies agains is susainabiliy merics and provide an hones assessmen o is handling o

climae change. I is also an opporuniy or he World Bank o ouline a new direcion ha

prioriizes low-carbon alernaives o coal-red power plans.

A he same ime, he Unied Saes is reaching a criical momen or how we handle our

relaionship wih and suppor or he World Bank. No only are we considering wheher o

increase our conribuion bu we can also expec our overall approach and perspecive o

he Banks aciviies o change course.35

Te U.S. execuive direcor on he banks board o direcors is a poliical appoinee andhe Senae conrmaion hearing or Ian Solomon, Presiden Barack Obamas selecion,

ook place lae in January 2010. Te ransiion o his posiion is meaningul precisely

because i is a poliical appoinmen. While he previous Bush adminisraion did no ake

climae change seriously, he curren adminisraion does; his shi in prioriies should be

refeced in Solomons reamen o World Bank nancing.

Since he U.S. execuive direcor conrols a signican porion o he voing share, and he

larges o any oher execuive direcor, he Unied Saes now has an opporuniy o engage

in consrucive conversaions wih developing and donor counries on how o deploy low-

carbon echnologies and help alleviae povery.


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Recommendations

Moving orward, he World Bank should adop policies ha beter inegrae is commi-

men o boh susainabiliy and povery alleviaion. Even small seps are signican in he

signal i sends o donor counries, developing counries, and oher developmen banks.

Our recommendaions would require he bank o:

Suppor low-carbon economic growh in developing counries hrough he nancing

o energy projecs Issue an annual repor on he enire World Bank Groups energy nancing wih clearly

dened uel ypes and power generaion Bring more ransparency o is energy projec selecion process Consider he impac o greenhouse gas emissions in economic analyses o all

energy projecs

Support low-carbon economic growth in the developing world

Mos immediaely, i he World Bank wishes o remain in he running o manage some par

o he emerging global climae unds, i mus adop policies ha clearly suppor he ambi-

ion o developing counries o adop low-carbon developmen plans. Te U.N. climaesummi in Copenhagen ended wih a near consensus on he Copenhagen Accord, which

requires signaory paries o ariculae low-carbon developmen plans consisen wih a

global arge o holding anhropogenic emperaure increase o no more han 2 C over

pre-indusrial levels by 2050 by 2020. More han 90 naions have now submited plans o

mee his goal.

Te accord also includes provisions or $30 billion in quick-sar unding by 2012 and an

ambiion o raising $100 billion per year by 2020 or adapaion assisance and nancing

or developing counries o ransiion o a low-carbon economy. I he World Bank is o

play any par in he adminisraion or developmen o hese and oher nancing mecha-

nisms, hen i mus commi isel o he broad values a he hear o his agreemen and hespecic pahways sipulaed by paries o mee hese goals.

In addiion, he bank mus acively resis counervailing inernal policies ha would

undermine achievemen o hese goals, such as coninued subsidies or carbon-heavy uel

sources. Such direcions in bank policy should be guided no only by he agreemens o


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he Unied Naions Framework Convenion on Climae Change, he curren home o he

worlds principle climae negoiaions, bu also by relevan decisions by he Group o 20

leading developed and developing naions, whose leaders agreed las Sepember o phase

ou subsidies or ossil uels by 2050.

Issue an annual report on World Bank energy financing

Consisen wih his goal, he World Bank should issue annual repors deailing is energy

spending, using caegories consisen across organizaions, wih projecs separaed by uel

ype and clearly idenied as generaion.

Te World Bank has made some signican srides in is unding or renewable energy

sraegies, bu is mehod o diereniaing hese projecs rom carbon-inensive mehods

o elecriciy generaion remains obscure. Jus as progress oward global carbon abaemen

is no possible wihou a clear invenory o he curren sources o polluion, progress by

he World Bank on meeing is own climae relaed goals is no possible wihou a more

accurae and ransparen accouning o previous and curren levels o unding.

Because meeing his goal would require a signican shi in how he bank undersands

is own caegories o unding by uel ype, an independen exernal audi o his process

should accompany he ransiion period o a new orm o caegorizing curren levels o

unding. In urn, he bank should esablish benchmarks or an appropriae increase in

invesmen in low-carbon and carbon-neural echnologies consisen wih he SFDCC.

More World Bank transparency

Te World Bank should ollow he recommendaions o several independen organiza-

ions such as he World Resources Insiue and he Bank Inormaion Cener, as well as

he U.S. Deparmen o he reasury, o bring more ransparency o he process o projec

selecion. ransparency is criical or accuracy in connecing climae goals wih projec

selecion and also or building rus wih relevan sakeholders.

Secion 3.0 o he recenly issued reasury guidelines calls or open inormaionand,

criically, supporing documenaionon he World Banks raionale or is selecion o

proposed projecs, including any upsream engagemen wih he borrower, any atemps o

evaluae oher opions or projecs, and any supplemenal unding sources ha migh over-

come he addiional coss o lower-carbon opions. Tis ransparency is also criical oresablishing more producive relaionships wih sakeholders and or miigaing concerns

abou an opaque inernal process ha insulaes i rom consideraion o hese issues.


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recommendaions | www.ameicanpogess.o

Te WRI repor concludes on he same poin: Sakeholders demand or greaer emphasis

on environmenal and social susainabiliy rom policymakers, governmen agencies and

regulaory auhoriies is necessary o shi hese opions rom niche applicaions in he

mainsream. Wihou his demand, vesed ineress wih a sake in coninuing o depend

on inecien ossil-uel economies may dominae decision making.

Consider greenhouse gas emissions in all World Bank power projects

Every energy projec nanced by he World Bank needs o consider he impac o green-

house gas emissionsexended o include he so-called lie cycle analysis o he energy

projec on overall healh and welare. Such analysis would no only measure he carbon

emissions ha come direcly ou o he power plan, bu he carbon expended in he pro-

cess o building he aciliy and ransporing uel o i or power generaion and expending

any wase byproducs.

Compliance wih he hree previous recommendaions would o course demand ha

his recommendaion be embraced as well. Bu raher han only considering he lie cycle

analysis o he sources o carbon o produce a given amoun o energy he World Bank

mus work wih hos counries o inegrae soluions ha miigae agains high social and

healh coss.

One example o his process in acion is in he sae o Wisconsin. Te sae governmen

requires elecriciy generaion projecs o consider a broad se o poenial ramicaions

o greenhouse gases relaed o air, waer qualiy and quaniy, land and soil, wildlie and

proeced species, agriculure, land use, propery values, uure developmen, service

reliabiliy, local economic impacs, communiy service, revenue sharing, ransmission and

disribuion changes, and elecriciy raes.

Ideally, his kind o assessmen by he World Bank would also include an analysis o wha

ype and scale o projec would bes suppor he long-erm economic healh o he com-

muniy, perhaps by prioriizing communiy-owned disribued energy sysems, which have

been shown o creae greaer local economic benes han ui liy-owned projecs in some

developing counries. Te World Bank could consider inegraing is laudable microcredi

and communiy lending sraegies wih a ocus on communiy-owned wind, solar, and

oher renewable energy projecs.

Other recommendations

Te World Bank should also consider shor-erm ransiion plans o assis counries in

decreasing heir levels o energy povery as well as mainaining energy securiy. Te bank

should work wih hos counries and oher mulilaeral developmen banks o develop


24/28


long-erm inegraed energy planning ha addresses immediae needs while also planning

or he uure. Energy pahways ha will exacerbae povery should no be locked in or

he sake o achieving shor-erm energy needs. Bu securiy or he presen can be me

hough a variey o low-carbon ransiion uels ha make such ransiions more successul

so long as hey do no become cruches ha can never be kicked away.

In addiion, he propriey o projecs seleced should refec no only a hos counyseconomic porolio, bu also is carbon prole. Smaller arenas or climae negoiaions ha

have been employed over he pas year, such as he Major Economies Forum, are orga-

nized around a principle ha successul miigaion o carbon polluion does no require

he cooperaion o all o he worlds counries, bu only hose responsible or some 80

percen o emissions. Tere is a vas dierence beween he emissions prole o counries

such as China, India, Brazil, and Indonesia on he one hand and Chad, Paraguay, Liberia,

and Laos on he oher. Some o hese economies can susain a longer ransiion period

rom radiional sources and lower-carbon soluions and ohers mus lock in lowes- and

no-carbon sources as quickly as possible.


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Conclusion | www.ameicanpogess.o

Conclusion

Te global communiy conrons he mos challenging ransormaion i has ever aced.

We mus reuel he economic engines o developed counries using new, renewable

sourcessources ha conribued very litle o geting us o our curren levels o prosper-

iybu we mus simulaneously narrow world economic dispariies by acceleraing he

developmen o some counries wih an alernaive se o uels.

Tese alernaive and renewable uels have never been deployed a any real scale. We mus

accelerae heir use so ha we can decelerae he greenhouse gases weve unleashed ha

are warming he plane. Finance will be he engine ha drives us quickly along his pah

o slowing down our raes o carbon polluion and is corresponding dangerous rise in

emperaures. Bu nance alone does no ge us where we need o go. We mus direc his

unding in a wise and pruden manner so ha we ruly prioriize susainable economic

developmen and growh. Ulimaely, we mus direc he worlds considerable resources

oward projecs ha simulaneously max imize our prosperiy while honoring our ecologi-

cal and ehical obligaions.

Te World Bank now aces a choice. As he governors and shareholders o he bank begin

o deend heir nancing choices or power projecs and solici more resources o do heir

work, hey mus decide wheher his remarkable insiuion will be pu a he service ohe larger projec o reducing carbon polluion or wheher i will become an obsacle o i.

Hisory will reveal wheher all o he individual invesmen choices made by he bank were

correc. Bu in he shor run we will be able o clearly see wheher he bank is moving in

he righ direcion, eiher acing in he collecive bes ineress o he naions o he world

or in opposiion o hem.


26/28


Endnotes

1 U.S. Energy Inormation Administration, International Energy Outlook 2009(2009), available at http://www.eia.doe.gov/oia/ieo/highlights.html.

2 European Archive, STERN REVIEW: The Economics o Climate Change, availableat http://webarchive.nationalarchives.gov.uk/+/http://www.hm-treasury.gov.uk/media/4/3/Executive_Summary.pd (last accessed February 2010).

3 Christopher Swann, Zoellick Fossil-Fuel Campaign Belied by World Banks TataLoan, Bloomberg News, August 10, 2008, available at http://www.bloomberg.com/apps/news?pid=20601109&sid=ap2zaLeAmcdQ&reer=exclusive.

4 Elisabeth Rosenthal, Third-World Stove Soot Is Target in Climate Fight,The NewYork Times, April 15, 2009, available at http://www.nytimes.com/2009/04/16/science/earth/16degrees.html?_r=2.

5 The World Bank publishes data on nancing or energy efciency and renewableenergy each year. However, they dont publish comparable data on total energy

spending.

6 World Bank, Clean Energy or Development Investment Framework: ProgressReport on the World Bank Group Action Plan, September 28, 2007, available athttp://siteresources.worldbank.org/INTEDS14/Resources/CLEANENERGY.pd.

7 Smita Nakhooda and Athena R. Ballesteros, Investing in a Sustainable Future:Multilateral Development Banks Investments in Energy Policy (Winnipeg,Manitoba, Canada: International Institute or Sustainable Development, 2009),available at http://www.iisd.org/pd/2009/bali_2_copenhagen_invest_mdbs.pd.

8 Smita Nakhooda, Correcting the Worlds Greatest Market Failure: ClimateChange and the Multilateral Development Banks (Washington: World ResourcesInstitute, June 2008), available at http://pd.wri.org/correcting_the_worlds_greatest_market_ailure.pd.

9 Heike Mainhardt-Gibbs, World Bank Energy Sector Lending: Encouraging theWorkds Addiction to Fossil Fuels, February 2009, available at http://www.bicusa.org/en/Document.100733.aspx

10 Ibid.

11 Ibid.

12 Ibid.

13 Updated based on adjustments rom BIC as o April 2010.

14 Lesley Wroughton, UPDATE 2-World Bank to expedite $3.75 bln SArica E skomloan, Reuters, December 3, 2009, available at http://uk.reuters.com/article/idUKN021001420091203?sp=true.

15 Eskom, Map o Power Stations, available at http://www.eskom.co.za/live/con-tent.php?Item_ID=4673.

16 Bank Inormation Center, PRESS RELEASE: South Aricans say no to Eskoms R29billion World Bank Loan, Press release, February 16, 2010, available at http://www.bicusa.org/en/Article.11773.aspx (last accessed February 2010).

17 The International Bank or Reconstruction and Development/ The World Bank,Development and Climate Change: A Strategic Framework or the World BankGroup Technical Report (2008), available at http://siteresources.worldbank.org/EXTCC/Resources/407863-1219339233881/DCCSFTechnicalReport.pd.

18 The Gallup Organization Government Division, 2008 World Bank Group GlobalPoll Executive Summary (October 2008), available at http://siteresources.worldbank.org/NEWS/Resources/GP10-pagerFINAL.pd.

19 Pilot Program or Climate Resilience; Forest Investment Program; Scaling UpRenewable Energy in Low-Income Countries Program.

20 Climate Fund Update, Clean Technology Fund, available at http://www.climate-undsupdate.org/listing/clean-technology-und (last accessed February 2010).

21 Bank Inormation Center, Environmental NGOs write to Secretary Geithner

about U.S. coal subsidies, January 21, 2010, available at http://www.bicusa.org/en/Article.11737.aspx (last accessed February 2010).

22 U.S. Department o the Treasury, Guidance to MDBs for Engaging withDeveloping Countries on Coal-Fired Power Generation, December, 14, 2009,available at http://www.ustreas.gov/ofces/international-aairs/multilateral_banks/statements/COAL%20GUIDELINES%202009%2012%2014%20FINAL%20%282%29.pd (last accessed February 2010).

23 Bank Inormation Center, China, India and others hit back at new U.S. coal rules,January 25, 2010, available at http://www.bicusa.org/en/Article.11740.aspx (lastaccessed February 2010).

24 Ibid.

25 Kari Manlove, Energy Poverty 101 (Washington: Center or American Progress,2009), available at http://www.americanprogress.org/issues/2009/05/energy_

poverty101.html.

26 The Independent Evaluation Group is an independent department within theWorld Bank that reviews and assesses the World Banks continued relevance andsuccess in alleviating poverty and achieving its objectives.

27 Climate Change and the World Bank Group, Executive Summary, available athttp://siteresources.worldbank.org/EXTCLICHA/Resources/cc_executive_sum-mary.pd (last accessed February 2010).

28 David Wheeler, Tata Ultra Mega Mistake: The IFC Should Not Get Burned byCoal (Washington: Center or Global Development, 2008), available at http://blogs.cgdev.org/globaldevelopment/2008/03/tata-ultra-mega-mistake-the-i.php.

29 David Wheeler, Crossroads at Mmamabula: Will the World Bank Choosethe Clean Energy Path? Working Paper 140 ( Washington: Center or GlobalDevelopment, 2008), available at http://www.cgdev.org/content/publications/detail/15401.

30 John Podesta, Saya Kitasei, and Andrew Light, Stronger Climate Policies WillCreate Low-Carbon Jobs Worldwide (Washington: Center or American Progress,

2009), available at http://www.americanprogress.org/issues/2009/12/gcn_jobs.html.

31 Ken Berlin and Robert M. Sussman, Global Warming and the Future o Coal:Carbon Capture and Storage (Washington: Center or A merican Progress, 2007),available at http://www.americanprogress.org/issues/2007/05/coal_report.html.

32 Andrew Light, John Podesta, and Julian L. Wong, Cooperation Is the Key: Pro-posal or U.S.-China Collaboration on Climate Technology (Washington: Centeror American Progress, 2009), available at http://www.americanprogress.org/issues/2009/11/china_ccs.html.

33 Jake Caldwell, The Green Bank is Essential or a Clean-Energy Strategy(Washington: Center or American Progress, 2009), available at http://www.americanprogress.org/issues/2009/10/green_bank_memo.html.

34 The International Bank or Reconstruction and Development/ The World Bank,Development and Climate Change: A Strategic Framework or the World BankGroup Technical Report.

35 Another actor to bear in mind in terms o the integration o new perspectives

in the World Bank is the level o voice given to developing countries, which CAPhas recommended expanding. Such a change in the World Banks governancecould have an impact on our conclusions and recommendations.
http://www.bicusa.org/en/Document.100733.aspxhttp://www.bicusa.org/en/Document.100733.aspxhttp://www.bicusa.org/en/Document.100733.aspxhttp://www.bicusa.org/en/Document.100733.aspx


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Abou he auhos | www.ameicanpogess.o

About the authors

Kari Manlove is a Research Associae or he Energy Opporuniy eam, where she does

research and wries on global energy povery alleviaion and adapaion o climae change,

including climae migraion and is inersecions wih human securiy and naional

securiy. Kari assised he Inrasrucure rack o he 2009 Annual Meeing on he Clinon

Global Iniiaive and is organizing he climae and environmen program or he 2010meeing o he Clinon Global Iniiaive-Universiy.

Andrew Light, Ph.D., is a Senior Fellow a American Progress specializing in climae,

energy, and science policy. He coordinaes American Progresss work on inernaional

climae policy and ormulaed American Progresss sraegy or he 2009 U.N. climae

summi in Copenhagen. He is also direcor o he Cener or Global Ehics a George

Mason Universiy.

Kate Gordon is he Vice Presiden or Energy Policy a American Progress. Mos recenly,

Kae was he co-direcor o he naional Apollo Alliance, where she sill serves as a senior

policy advisor. Mos recenly, she co-auhored CAPs repor on Te Clean-Energy

Invesmen Agenda.

Richard W. Caperton is a Policy Analys wih he Energy Opporuniy eam a American

Progress. He works on several issues relaed o he ransiion o a clean energy economy,

including renewable energy nance and invesmen in energy inrasrucure. Prior o join-

ing American Progress, Richard was a policy ellow a he Alliance or Climae Proecion

and worked in governmen relaions a he Naional Rural Elecric Cooperaive Associaion.


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The Center or American Progress is a nonpartisan research and educational institute

dedicated to promoting a strong, just and ree America that ensures opportunity

or all. We believe that Americans are bound together by a common commitment to

these values and we aspire to ensure that our national policies relect these values.

We work to ind progressive and pragmatic solutions to signiicant domestic and

international problems and develop policy proposals that oster a government that

is o the people, by the people, and or the people.

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