UNFCCC Executive Secretary: Financial Crisis Could Redirect Investments to Fund “Green” Growth
10 October 2008: In a press conference given in New York, US, Yvo de Boer, UNFCCC Executive Secretary, stated that the current global market crisis could provide an opportunity for the world financial system to reconstruct itself to promote “green” growth.
He explained that, with the demand for energy worldwide expected to increase over 50% by 2030, governments have an opportunity to create and enforce policy that stimulates competition to fund clean industry. He added that this surge in energy demand will require a US$22 trillion investment in energy supply infrastructure, half of which will be made in developing nations. He noted, however, that the financial crisis will dry up capital that could help poorer countries fight against climate change. Looking forward to the UN Climate Change Conference in Poznan, Poland, in December 2008, de Boer called on leaders to make the necessary commitments and “focus their attention on a shared vision of cooperative action.” [Press Conference]