The document discusses the need for an International Green Bank (IGB), also known as the Global Investment Trust for Clean Energy, to help mobilize $100 billion per year in climate finance and $500 billion in annual private investments for clean energy projects in developing countries. It argues that while multilateral development banks will play a role, they have limitations that require a new institution focused solely on providing low-cost, long-term financing to lower energy costs and attract more private investment globally for clean energy at scale. The IGB would work to complement existing sources and help overcome political and market barriers to mobilizing financing needed to address climate change.
Creating an International Climate Finance System through a Global Green Bank Coalition
1. Creating an International Climate Finance System — the Need for an International Green Bank Coalition for Green Capital Kenneth Berlin, General Counsel (202) 371-7350 Kenneth.Berlin@Skadden.com) www.coalitionforgreencapital.com May 2011 Presented at: 2 nd Climate Consensus Workshop Amsterdam, May 18-19, 2011
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18. Example: in the U.S. low cost financing will create substantial additional solar investment in at least 14 states without raising their electricity prices Illustrative CA AK WA OR NV ID MT WY CO UT AZ NM OK AR ND SD MN IA LA NE MO KS WI FL SC IL IN OH WV VA MS AL GA NC TN KY NH VT MA RI CT NJ DE MD DC HI MI TX NY PA ME
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