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Ban Ki-moon Seeks Financial Commitment On Sustainable Energy

April 17th 2015, ClimateWed.Org: UN Secretary-General Ban Ki-moon on Wednesday in New York called on business leaders to expand investment in low-carbon growth and opportunities to advance sustainable energy for all and tackle climate change. He made this submission in a statement to The Future of Energy Summit 2015, organised by Bloomberg New Energy Finance.

Noting that global investment in renewable power and fuels in 2014 spiked by more than 15 per cent over 2013, with investments in developing countries growing by more than a third, he pointed out that renewable energies still contribute less than 10 per cent of global electricity, but that incentives can shift this forward.

“Energy is a story of global progress,” the Secretary-General said. “Smart investors are opening new markets, facilitating new business models, and supporting entrepreneurs in developing countries. I am here to urge you to take action for sustainable energy.”

Pointing to a new UN-led Global Energy Efficiency Accelerator Platform with the potential to double efficiency by 2030, save more than a gigaton of carbon emissions each year and save tens of billions of dollars, as well as partnerships with banks and investment institutions that can mobilize another $120 billion a year in sustainable energy investments, he told the business leaders, “These significant sums are just part of what is possible. I count on your help to realize the enormous potential out there.”

Recalling also that the private sector, at the Climate Summit last September, announced plans to mobilize over $200 billion in financial assets towards low-carbon and climate-resilient development, Ki-moon said that the Paris Climate Conference in December would only succeed with a strong, credible climate finance package, and he urged the private sector to help move this process forward. To put the global economy on a path to low-carbon growth, he called for carbon pricing, the phase-out of inefficient fossil fuel subsidies and stronger energy efficiency standards.

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Ban Ki-moon Seeks Financial Commitment On Sustainable Energy Reviewed by Olumide Idowu on Friday, April 17, 2015 Rating: 5
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