World Bank Responds to Civil Society on Financing Fossil Fuels and Adaptation
27 May 2010: Kseniya Lvovsky, the World Bank's Climate Change Team Manager, responded online to questions by civil society on the World Bank's strategy for climate change, including on the Bank's approach to fossil fuel financing and the availability of funds for adaptation.
Responding to a question on the need for adaptation funding, Kseniya Lvovsky highlighted the importance of ensuring that fast-track financing promised in Copenhagen is balanced between adaptation and mitigation, noting with concern that "most pledges made so far address mitigation rather than adaptation."
Regarding the Bank's funding of fossil fuel energy sources, she recalled that the International Energy Agency (IEA) projections show that fossil fuels will remain an important part of the energy mix in both developed and developing countries for some time. She therefore said that, despite the Bank's record financing for renewable energy and energy efficiency projects in 2009, totaling $3.3 billion, the Bank will continue to finance access to all types of energy by poor countries. She further argued that a strong price on carbon in developed countries would be the best way to facilitate investments in research, development and deployment of cleaner energy technologies, and for making these technologies affordable and available to developing countries. [Interview Transcript]