Encouragingly, this week the World Bank officially expanded its mission to include climate change, while pushing ahead with reforms that could unlock additional funding and cheaper loans for green projects. The historical objective to “end poverty” should now be achieved “on a livable planet”. The new mission will give the lender the formal mandate to tackle a whole range of global challenges, among which climate change is seen as the most urgent one. World Bank President Ajay Banga said this will widen the aperture through which the bank looks at its task in the future. “If you can’t breathe and cannot drink clean water, there is little point in eradicating poverty,” he added. Announced at the lender’s annual meetings in Marrakech, Morocco, the changes come a year after a group of its biggest shareholders, led by the United States and Germany, called for its fundamental shake-up to deliver more climate finance. Green reforms mean different things to different people. Russia, Saudi Arabia and other Gulf states this week urged the World Bank to keep funding fossil fuel as a way to guarantee energy access across the world, as the lender pursues green reforms. Bahrain’s finance minister, Sheikh Salman Al Khalifa, who intervened at the meeting on behalf of a group of countries including neighbouring United Arab Emirates and Qatar, made the case for the “indispensable role” of fossil gas as a source of “reliable and affordable” energy during the transition process. Fatih Birol, the executive director of the IEA, cautioned recently: “New large-scale fossil fuel projects not only carry major climate risks, but also business and financial risks for the companies and their investors.” It seems as if the World Bank has heard his message.
With so many people on the move this year, here is some useful news to help you along:
- It is encouraging to see the growing demand for train travel. Euronews provides us with the best new European train routes launching in 2023 and 2024.
- For those interested in a nice hike through Europe, Moon and Honey Travel recommend 22 best day hikes in Europe.
- If you’re interested in a cycling trip this year, have a look at the Best Cycling Destinations in Europe.
- For those travelling in the US, Lonely Planet provides 9 of the most incredible train journeys in the USA.
William Faulkner (1897-1962), an American writer, considered one of the most celebrated writers of American literature, gives us an important message this week: “Always dream and shoot higher than you know you can do. Don’t bother just to be better than your contemporaries or predecessors. Try to be better than yourself.”
EiD welcomes your views about this week’s selection of posts on the zero-carbon energy transition:
| · “It may surprise you, but most economic models predict climate change will just be a blip”
· Once again California leads the way on energy efficiency · Serious issues with carbon offsets |
Please send us your comments on any of the posts. EiD hopes you to follow us on X at @EnergyDemand and @rodjanssen. Please recommend EiD to your friends and colleagues.
Energy in Demand - Sustainable Energy - Rod Janssen 