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E8060Büropark Bredeney, Hatzper Straße 34, Essen, D-45133, GermanyTel +49 (0) 201 959718-0 Fax +49 (0) 201 959718-99Email Web Richard Lewis (UK Offi ce) uses the expertise of qualifi ed internet users to effi ciently process business procedures. breaks down complex tasks including text creation, translations, online research, tagging and categorisations into microtasks, passes them on to Clickworkers and, following successful processing under strict quality controls, delivers the fi nal project to the client.The source that the AGFconsidered the most practical toimplement in the near term, andwhich enjoyed the greatestpolitical acceptance, wasmeasured to address internationaltransport by ships and airplanes -also know as "bunkers" since thefuels used by ships and planes areknown as bunker fuels. BUNKER FUELS AS ONEPOSSIBLE SOURCE OFFINANCEInternational shipping andaviation are major and fast-growing greenhouse gas emitters.In 2007, they emitted over 1GtCO2, and for 2020 this amount may almost double.Greenhouse gases from these sectors have to datebeen entirely unregulated and the fuels they useduntaxed, unlike fuels and emissions from domesticmodes of transport. Action on bunker fuels is also clearly mandatedthrough the Bali Action Plan under the UNFCCC, aswell as through Article 4 of the UNFCCC and Article2.2 of the Kyoto Protocol. FOR EXAMPLE: A SYSTEM FORMARITIME TRANSPORTAccording to the AGF, a levy or tax on bunker fuels(and/or a levy on transported people or goods) can raisefinance for climate action in developing countries. TheAGF estimates that up to US$18 billion could beraised through the shipping sector alone. Impacts onthe cost of goods shipped will be marginal - estimatesare around 0.2 per cent on average. Since ships canchange owners, operators and flags easily, the IMOinsists that ships of all flags should be treated equally. Thus to protect the economies of poorer countries(where small price increases could cause greaterhardship) the AGF discussed a system of rebates fordeveloping countries in accordance to their share ofthe global shipping, to ensure that there is "no netincidence" or cost burden on developing countriesresulting from a global carbon pricing system. DECISION NEEDED NOWThe UN climate conference in Cancun last year set outthe blueprint for effective institutions for globalclimate finance. These institutions need reliable andsufficient sources of funding. The current pledges forfast-start finance expire end of 2012, so the questionof where finance will come afterthat needs to be urgentlyaddressed. IMO and ICAO are thetechnical bodies that will likelyimplement any measures toaddress emissions from themaritime transport and aviationsectors in practice. However, theyneed further guidance from theUNFCCC on how to proceed intackling greenhouse gasemissions. The upcoming climatenegotiating session in Durban,South Africa this December is thebest opportunity for the globalcommunity to resolve the keyoutstanding issues and makedecisions on how to move forwardwith addressing emissions frominternational aviation andshipping, and dealing with the financing generated.The pieces appear to be falling into place for a solutionthat respects the principles and practices of thevarious conventions, and addresses the concerns ofdeveloped and developing countries. Critical politicalbacking should come from this year's G20 Summit; itwill be essential that the French Presidency continuesto make the case for action on Climate Finance, asFrench President Nicholas Sarkozy has alreadypromised. While the G20, with its limitedmembership, cannot make decisions on behalf of allcountries, it can serve as a forum for resolving some ofthe thorny political issues between many of the largestand most influential countries, and send usefulpolitical signals about the measures they are willing tosupport. Progress in addressing the rapidly growing emissionsfrom these inherently global sectors would be amilestone in the battle against climate change, and ingenerating the financing needed to support action,especially in the poorest countries and those mostvulnerable to climatic disruptions. It is a uniqueopportunity for our leaders and internationalinstitutions to show that they can be bold andambitious in both word and deed. nABOUT THE AUTHORSamantha Smith leads WWF's Global Climate andEnergy Initiative, working for a low-carbon, safe andsustainable future for all. Previously, Ms Smith heldsenior roles in the New Energy division of Statoil, wasdirector of WWF's International Arctic Programme,and worked as a corporate litigation attorney in theUSA. For more information on WWF's work on climatefinance, please go to FINANCE069

he European Investment Bank stronglysupports the goal of sustainable, low-carbon, climate-resilient growth, andworks closely with the EuropeanCommissioner for Climate Action, Connie Hedegaard,and her colleagues to achieve this. Strong and effectiveaction to limit global warming is urgently needed.Our corporate objectives, principles and standardsclosely follow EU and international climate policydevelopments. CO2emission reduction is incorporatedin sector lending policies and practices. We assess thecarbon footprint of projects and screen for climaterisks to identify potential for carbon credits. Projectsalso benefit from our in-house technical expertise toencourage best practice, provide policy guidance andensure that borrowers can draw on our know-howthrough technical assistance. ENGAGEMENT AT ANUNPRECEDENTED SCALEIn 2009, the European Investment Bank's dedicatedclimate action amounted to over EUR 17 billion ofloans for climate change mitigation, reduction of CO2emissions, and adaptation that increasesresilience to climatic uncertainty. We achieved ahigher engagement in climate change mitigation andadaptation projects in 2010: EUR 19 billion,representing an impressive 30 per cent of all lending. The EIB has provided nearly EUR 3 billion to supportonshore wind projects inside and outside the EU.Lending for emerging technologies in off-shore windand solar, both photovoltaic and concentrated solarpower, has substantially increased. We further wish to play a constructive role in supporting secondgeneration biofuels, carbon capture and storage, and marine technologies. We cannot say how fast costswill drop, or which technologies will be mostsuccessful in the end but there is a special role for usto give early adopters a helping hand, for thesubsequent benefit of everyone.SCALING UP LENDING FORRENEWABLE ENERGY AND ENERGYEFFICIENCYRenewable energy technologies - wind turbines, solarenergy parks - look great in pictures and are the mostvisible business, although they represent only part ofour climate action lending. We work with cities andregions to improve the energy efficiency of buildingsand public infrastructure (transport, public lighting).We are in partnership with the European Commission toprovide necessary technical assistance - needed inEurope just as much as elsewhere. Energy efficiencyprojects may not make the best photographs, butenergy efficiency is recognised as the most costeffective way of reducing greenhouse gas emissions.Our energy efficiency lending reached EUR 1.5 billionin 2009, and we are determined to do more in this area.CARBON CAPTURE AND STORAGEIt is clear that carbon capture and storage is anemerging technology that needs to be proven atcommercial scale. I would like to mention that theEuropean Investment Bank's close co-operation withthe European Commission on a new programme tosupport demonstration plants in the areas of carboncapture and storage, using funding provided by theEuropean Parliament from the New Entrants ReserveEIB: DELIVERING LENDINGFOR CLIMATE ACTION070MOBILISING FINANCEPHILIPPE MAYSTADT, PRESIDENT, EUROPEAN INVESTMENT BANK (EIB)TPhoto: EIB