Investing in a

Low-Carbon Energy Future

in the Developing World

Linkages

Finance

Focus Areas

Energy & Climate

Development
Contents

Introduction 2

Investment needs 3

Addressing the investment gap 4

Understanding how and why business invests 6

Transforming energy services in the developing world 8

Harnessing capital markets 10

Key Messages 11

Other publications 12
Introduction
Investing in a Low-Carbon Energy Future in the Developing World

The need to address climate change and deployment of lower carbon

while facilitating continued economic technologies, as well as adapting
growth and social progress is one of behaviors and lifestyles to favor these
the key challenges facing world leaders technologies across the developed and
today. Energy is critical to continued developing world.
economic growth and according to the
International Energy Agency (IEA); The private sector is a major source of
population growth and increasing innovation, capital and capacity that,
industrialization will drive demand for given the right framework, can deliver
energy upwards by more than 50% a low-carbon global economy. For
between now and 2030.1 governments to facilitate the release of
private sector resources, they need to
Fossil fuels are expected to be a major understand how capital markets and
contributor to meet these future corporate investment strategies can be
energy demands. This will lead to a incentivized to deliver results
substantial increase in greenhouse gas consistent with sought after goals on
(GHG) emissions unless cleaner carbon mitigation and improved
technologies, such as carbon capture access to energy.
and storage (CCS), renewables, and
nuclear power, emerge that are There are however quite different

it
commercially competitive and can be mental models and perceptions

Scale
implemented at scale. among governments and policy-
makers of how and why a business
The demand for energy will rise most might choose to invest in a particular
rapidly in developing countries as they project and/or country. This can result
develop energy services to drive in inefficient policies that hinder rather
economic growth and social progress. than support the involvement of the
Without convenient and affordable private sector.
alternatives, these countries are likely
to follow a high-carbon pathway, In the following pages we explore how
similar to that of the developed world. governments and business can work
together to solve these challenges by
In its trilogy of Energy and Climate aligning policies, mechanisms and
publications, as well as Powering a tools with the commercial conditions
Sustainable Future and Doing Business under which a business typically
with the World, the WBCSD explores invests. By identifying a few of the
the highly political issues concerning critical issues important to business we
the challenge of meeting energy needs hope to contribute to the design of
without causing irreversible damage to efficient policy mechanisms that drive
the Earth’s climate. the shift to a low-carbon future,
promote investment in new
The solutions lie in creating framework technologies and energy services in
conditions with the right incentives to developing countries, and contribute
cause a large scale technological shift to overall sustainable development.
toward a lower carbon and more
energy efficient economy that also
delivers affordable energy solutions for
the 2.4 billion people who are
currently without basic energy
services. This shift relies on scaling up
investment flows into the development

2
 Investment needs
Improve energy availability
Energy is a key driver of economic
growth and social progress. It is essential Key facts and trends
to fueling industry, powering • Today, the one billion people (16%
infrastructure, connecting goods, people of the global population) living in
and services to markets, and delivering developed regions consume half of
basic services such as heating, lighting the world’s energy supply. In
and cooking. For the billions of people contrast, one billion of the world’s
without access to modern energy services poorest people use 4%.5
to escape poverty and enter into
productive economic activities, • Underinvestment in energy reduces
investments in energy infrastructure (on- GDP growth in some countries by
and off-grid) are needed. as much as 1-3% annually.6

The IEA estimates that developing • The demand for primary energy is
countries will need annual electricity projected to increase globally by a
supply investments of approximately factor of 1.6-3.5 between now and
US$ 165 billion through 2010, increasing 2050, and in developing countries
at about 3% a year through to 2030.2 by a factor of 2.3-5.2.7

UP
About half of the necessary financing is • Roughly 1.6 billion people
readily identifiable, leaving an worldwide live without electricity.
investment gap in the energy sector of
about US$ 80 billion per year. The IEA • In sub-Saharan Africa, 547 million
estimates that international financial people have no modern energy
institutions, aid donors and the private services, and as low as only 8% of
sector can close this gap by those living in rural areas have
approximately US$ 11 billion per year access to any electricity.8
through additional investments using
existing financial instruments. • Despite the growth of the energy
sector, around 2.4 billion people still
Mitigate climate change rely on traditional biomass (wood,
Scientific evidence and economic straw, dung, etc.) to cover their
analysis confirm the need for radical basic energy needs. In many
changes in the global energy system to developing countries, biomass
combat climate change and ensure accounts for over 90% of household
energy security in the future. energy use. The burning of biomass
in simple stoves results in indoor air
The United Nations Framework
pollution that causes 1.3 million
Convention on Climate Change
deaths per year, primarily among
(UNFCCC) in its 2007 analysis of financial
young children and mothers.9
flows estimates that US$ 200-210 billion
will be necessary in 2030 to stabilize GHG • The share of GHG emissions from
emissions at today’s levels. The incremental developing countries is expected to
costs of low-carbon investments in rise from 39% today to 52% by
developing countries are likely to be at 2030, with China responsible for
least US$ 20-30 billion per year.3 29% of the predicted rise.10
Today private sector investments
• India is already the fifth biggest emitter
constitute the largest share (86%) of
of CO2 emissions, yet approximately
global investment flows and are
45% of its population does not yet
expected to be essential to addressing
have access to electricity and
climate change. A large additional flow
approximately 85% of the population
of tens of billions of dollars will also be
lives on less than US$2 per day.11
needed for adaptation.4

3
 17

Buildings 45+++ years

Unless policies change and ways are
found to facilitate investments in lower
Hydro 75+ years carbon technologies at all stages of
their development and deployment,
Coal power 45+ years
developing countries are expected to
Nuclear 30 – 60 years follow the same carbon-intensive
development pathways of today’s
Gas turbines 25+ years
industrialized nations.12 This would
Motor vehicles 12 – 20 years constitute a lost opportunity of
immense proportions, as the
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 ++
consequences of carbon- and energy-
intensive investment decisions made
Figure 1: Rate of technological change compared to the
today lock in those emissions for
lifetime of relevant capital stock and equipment13
decades (see Figure 1).

Raising finance is not necessarily the

main problem, implementing
framework conditions that direct
financial flows toward the
development, demonstration and
deployment of commercially viable
low- and zero-carbon energy
technologies is the key.

Addressing the

The track record

If investment in the different stages of
technology development is the answer,
how is the world doing? The track
record is not good. Between 1988 and
2004 total public research and
development (R&D) spending increased
by nearly 50%, while public spending
on energy-related R&D declined by
nearly 20%. The rise and fall of public
spending on energy R&D correlates
directly with the oil price peak and
collapse in the 1970s and 1980s
respectively. R&D spending by the
private sector has also been declining
0.18% $70 largely due to relatively low energy
0.16%
$60 prices and a lack of market incentives to
France
0.14%
Germany develop lower carbon technologies.
0.12% Japan $50
United Kingdom While the future price for oil is unclear,
0.10% United States
World oil price
$40 the power of the market to incentivize
0.08%
0.06% $30 investment is indisputable.
0.04%
$20
0.02%
0.00% $10
1982
1977
1974
1975
1976

1980
1981

1985
1986
1987

1990
1991
1992

1995
1996
1997

2000
2001
1978
1979

1983
1984

1988
1989

1993
1994

1998
1999

Figure 2: Public energy R&D investments as a share of GDP

4
 A new energy technology often faces a $ billion
number of technical and cost barriers, 10
9 Oil and nuclear
and requires a substantial time period Utilities
8
to progress from the initial R&D stage 7
Total energy

to full commercial deployment. This 6

significantly increases the risk to 5

investors compared with investments 4

in established energy technologies.15 3

2
1
Although large investments in the R&D 0
Figure 3: Trends in private
phase of technology development is 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
sector energy R&D14
much needed, many technologies
have made it through and yet failed to
overcome barriers in the
demonstration phase. Technologies
such as CCS and coal gasification
(IGCC) are examples of key
technologies needing further direct
support in this demonstration stage to
assist in technology development,
accelerate cost reductions and ensure
long-term commercial viability.16

investment gap
The track record tells us that in the
absence of strong policy support
mechanisms and incentives, and while
fossil fuels are cheap and readily
available, public and private funds are
unlikely to deliver the necessary
technologies at a cost and scale
necessary to address climate change
unless there are major changes in
investment frameworks.

Significant R&D will

Stages in technology development 100
be needed for new
energy technologies
Purchase incentives
80 The demonstration and / or the CO2
R&D phase is essential and market drive(s) early
may need direct
 deployment
Technology cost

60 support
Demonstration
 40
Purchase
Deployment Incentives / CO2 market
20
 Earlier deployment Competing
Competing technology 0
technology
1 10 100 1000

Number of installations / Products

Figure 4: Technology development and deployment

5
Understanding how and why business invests

Many factors come into play to Each project requires a detailed

encourage a business to invest in low- evaluation of the prospective rates of
GHG energy solutions, not least the return, investment and technological
strategy of the company and its ability risks, as well as sources of competitive
to attract capital to implement this advantage.
strategy. For policy-makers to
encourage business to invest, they Companies, financial institutions and
must understand what might investors almost always employ
incentivize a business to do so. different processes and screening
Commercial investments are almost criteria to evaluate the investment.
always made in dynamic, highly
differentiated, competitive
environments, both internal and
external to the company.

Risk

Money normally flows to where the Some common appraisal criteria

highest and quickest returns can be include: net present value (NPV),
made. Key questions include: How to internal rate of return (IRR), capital
most efficiently allocate private capital? efficiency, payback period, return on
How long before there is a positive average capital employed, impact on
cash flow? What risks are associated operating cash flows and budgets, risk
with the investment? How, where and assessment and sensitivity analysis,
when to enter new markets? option evaluation and other company-
specific performance criteria.
Project-based investments in emerging
and lower GHG energy technologies The outcome of the analysis is a
are some of the more complex and forecast of the investment’s ability to
risky forms of investment. They are deliver returns evaluated against a host
normally highly capital intensive and of risks and other possible uses of that
play into a world where the average same capital. Every decision relies
consumer is unwilling to pay a heavily on the expected commercial
premium for low GHG energy services. return.

6
Much can depend on market and cost An absence of incentives, poorly
assumptions, as well as perceptions of defined investment and regulatory
risk. The basis for such assumptions frameworks, uncertain policy signals,
influences how these are accounted for and market uncertainty, are just some
and will vary from company to of the factors that affect overall risk
company, sector to sector, and profiles and possible returns.
country to country. A great
opportunity for one company or
investor may be a step too far for
another.

Reward
In practice there are many examples where
theoretically advantageous projects fail to
make it past the idea stage. Structural
obstacles (anti-competitive practices of
existing monopolies), rigidities (e.g.,
reimbursement and reward systems,
subsidies, tax policies), overly complex
regulation, legislation based on obsolete
technology, and perceptions of consumers
and companies driven by “upfront” rather
than “life cycle cost” are just some of the
factors that can kill a project.

Despite these commercial realities and the

fact that a business primarily exists to
create value and returns for its
shareholders, the way business chooses to
invest is changing. A new attribute of
competitive advantage is emerging – that
of the business approach to sustainable
development.

This is where companies look beyond

products and services with predictable
commercial returns in established markets
to invest in resources, competencies and
technologies that will give them a
competitive edge in new and emerging
markets.

7
 Transforming energy services
in the developing world

Most low- and zero-GHG energy power generation. The IEA estimates
technologies will not be cost that some US$ 5.2 trillion is required in
competitive at scale without some generation investments, and an
combination of investment support additional US$ 6.1 trillion for
mechanisms, technological advances or transmission and distribution networks
regulatory regime improvements. An from now until 2030.18
abundance of potential projects,
Subsidies and other incentives – Many
technologies or investment
countries subsidize their energy sectors–
opportunities will not in itself necessarily
estimated at around US$ 162 billion
translate into the mobilization of capital
per year between 1995 and 1999.19
flows for implementation. Many energy
Governments can encourage a long-
efficiency projects and Clean
term shift to low-GHG technologies
Development Mechanism (CDM)
through appropriate tax incentives
proposals have faced this problem, yet
and/or subsidies that would be phased
they have tremendous potential for
out over time.
reducing emissions, managing energy
demand challenges, and optimizing
value in the long term. Some of the
Private sector participation
world’s poorest countries may be at a The role of large companies – National
further disadvantage because of limited and multinational companies can
institutional and commercial capacity, develop and deliver large scale
not to mention high-risk ratings that investments in energy technologies
affect the ability to attract, develop and that reduce GHG emissions and/or
manage substantial project-based improve energy efficiency. In so doing
investments. these companies can create new
markets and associated revenue
The following approaches can help streams for energy-related products
overcome these barriers and tap and services for currently underserved
various financing sources. populations in developing countries.

The role of small and medium

Government policies enterprises (SMEs) – SMEs can play a
Integrate energy, climate change and key role in providing energy services
development strategies – energy and where their in-depth knowledge of
climate policies should be integrated local needs and spending patterns can
into national development strategies. be used to tailor energy solutions and
Without energy there are no means to ensure broad-based impact.
cook food, heat and light homes,
maintain schools and hospitals, drive Funding models
industry and connect people and Multilateral or mutual funds – These
goods to markets. For the 1.6 billion funds bring together private sector,
Ghana’s government has set an economic growth
target of 6% per annum to achieve middle-income
people who currently lack access to financial intermediaries, countries,
country status by 2020 on the basis of its Poverty electricity, energy services are critical development banks and other entities
Reduction Strategy. This scenario would require to achieving the Millennium to develop project portfolios. This
annual electricity generating capacity of approx.
Development Goals (MDGs.) model benefits from risk
27,000 GWh by 2020, or almost four times the
electricity supply of 2006. The Strategic National diversification, specialization and
Energy Plan has proposed projects that would Improving energy transmission - Public economies of scale by reducing the
increase electricity generation to approx. 13,000 policies should focus on improving transaction costs associated with
GWh, a capacity that would fall far short of the
requirement to achieve middle income status.17
grid transmission and energy storage individual project investments as
systems. This is particularly important different investors expect different
for renewable energy because it can be returns. Examples include World Bank
less predictable than fossil fuel-based Carbon Funds.

8
Bilateral deals - Joint ventures between Clean Development Mechanism near term will require substantial
companies have the advantage of The Clean Development Mechanism additional support and incentives to
flexibility and can mobilize private (CDM) is one of the Kyoto Protocol’s both scale up the investment amounts
sector funds and technology for larger flexible instruments and is designed to and reduce costs. Policy certainty
projects and areas of new market mitigate climate change by regarding the mechanism’s role and
potential by spreading risks and capital encouraging investments in low-GHG design in a post-2012 international
among the partners. Multinational technologies in developing countries. climate framework could also provide
companies are increasingly willing to The CDM has succeeded in bringing much needed clarity for project-based
invest in projects, not only to receive clean energy technology to some investments.
commercial returns or manage a countries in the developing world. Yet
carbon compliance position but also to many projects have been weighed
gain long-term strategic market down by lengthy approval processes
advantage. This can come through the and high transaction costs, meaning
development and testing of new hundreds of projects have been
technologies or positioning a company stopped at the starting gates. Those
as pursuing a sustainable business that have succeeded have
model in a rapidly emerging market. focused on a select group of
countries like China, Brazil
Less developed countries will and India, where existing
typically need a more innovative market potential is high.
spectrum of private and public sector Only 3% of all CDM
finance (e.g., World Bank or projects are located
International Finance Corporation), on the African
concessionary finance, and a variety of continent and
guarantees and insurance mechanisms primarily within
to lower the risk profile of a project South Africa (see
within parameters acceptable to Figure 5).20
external investors.
Around 35% of
Capacity building CDM credits in
Access to finance for energy projects is the pipeline come
not in itself sufficient. Developing from just
countries also require substantial 15 projects for
capacity building and related funding industrial gases that
from public and private sector have very high global
investors. Capacity building needs to warming potential and
be tackled at two levels: for large-scale thus generate a very large
infrastructure projects as well as for volume of emissions
small-scale solutions, driven and reductions compared to, for
implemented by local entrepreneurs. example, renewable energy
For large-scale projects, it is crucial to projects.21
strengthen the strategic planning
capabilities and project management Pricing for certified emission reductions
skills of both regulatory authorities and (CERs) created from CDM projects
project developers. For small-scale have generally been low, on the back
• = CDM project, large scale, one
solutions, knowledge of the local of low-cost, end-of-pipe solutions that
location
market is crucial and needs to be have satisfied market demand for CERs.
• = CDM project, large scale, several
complemented with strengthening of Projects in Africa are further
locations
business skills and adapting disadvantaged because CERs have
• = CDM project, small scale, one
technologies to local needs. historically been priced 20% lower
location
than the global average.22
• = CDM project, small scale, several
locations
Low-cost solutions are not likely to
trigger technology transfer in the early
stages of technology development.
Major technology investments in the Figure 5: Map of CDM project locations worldwide
(Source: UNFCCC)

9
Harnessing capital markets

An important feature of the financial

markets is their ability to set current
values for future outputs. After
accounting for attendant risks, a
market puts a price on an asset
according to expectations of the asset's
ability to deliver future returns.

In markets and with investments,

confidence is important. Political and
regulatory risks, legal frameworks,
business and investment
infrastructures, and sustainable
business models can either accelerate
or diminish the nature and pace of
investment or market liquidity. Such
factors will determine the number of
participants and potential scope of
investment capital. Well-designed
market frameworks can reduce
project risks and maximize access
to the greatest number of
investors.

The business case for scaling up

low- and zero-GHG technology
projects in emerging economies,
where energy needs are greatest,
must draw upon mainstream
institutional investors, the
international development community,
international money markets and
speculators. Investment structures need
to match the various investment
appetites of potential investors, their
different needs and interests, and
connect or align these with clean
energy projects and portfolios.

Using the markets to drive capital

flows in clean technologies for
developed and developing countries
can only reach its full potential – in
improving energy services while
reducing emissions – if mainstream
investors recognize the market
potential of the energy underserved
and the associated value in
technologies, activities and
infrastructure that reduces the carbon
intensity of the global economy.

10
Key Messages However, in its current form the CDM
will fail to achieve investment at scale
• Ensure the commercial viability of
technologies such as CCS and
and will not help solve the dire energy IGCC through direct support and
needs in regions such as sub-Saharan incentives in the demonstration
Africa. phase
Engaging the private sector
WBCSD members recognize the Policies to change the world • Adopt pragmatic and inclusive
societal need to significantly scale up Most stakeholders agree it will take a approaches that create fast-track
investments in lower GHG combination of financial mechanisms, approval processes to accelerate
technologies. They also see including the carbon markets and deployment of these new
opportunities, for example: official development assistance (ODA), technologies
to guarantee the energy demands of
• Establishing new markets for low the future are met in a way that • Set an example for other sectors by
GHG technologies and services mitigates climate change. In order for acting as an early adopter, buying
business and private capital to play its new, advanced technology products
• Gaining competitive advantage role in delivering low- and zero-GHG for government fleets and operations.
through technological innovation technologies, key considerations in the
design elements of future frameworks Encourage technology cooperation
• Reducing costs through energy include the following. to developing countries
efficiency. • Enhance growth and
Create robust and integrated competitiveness in developing
However, the members also recognize policy frameworks countries through technology
that a project’s ability to attract • Develop policy frameworks that cooperation by establishing a
investment also depends heavily on create predictable future competitive business-to-business
the prospect of a commercial rate of demand for new technologies and framework for transactions
return. A lack of certainty over policies reward innovation
related to carbon pricing and GHG • Dismantle trade barriers affecting
reduction targets increases the risk of • Establish a clear and strong the diffusion of technologies to
achieving a commercial return for expectation of a carbon price in encourage investment and business
low-GHG technology projects. While the near and long-term future to participation
this uncertainty prevails, the bulk of encourage investment
potential private capital available will • Manage the intellectual property
probably flow to traditional energy • Incorporate energy and climate rights regime to balance the need
sources, or remain uncommitted until strategies into national to incentivize innovation and the
definitive policies, which underpin a development plans dissemination of technologies to
pragmatic approach, begin to support investment in new
emerge. • Develop approaches that expand technologies.
or aggregate projects through
International policy efforts must align programs or portfolios to Build capacity
with the investment cycle that can last standardize and streamline the • Build institutional capacity to
for decades, from initial R&D through transaction process translate policies into robust and
to actual deployment at scale. A broad integrated development plans
and efficient mix of policies and • Establish stable and transparent
programs targeted at mitigation and regulatory regimes to help reduce • Support investment in SMEs,
adaptation and backed by supportive corruption and improve country particularly in capacity building, so
regulation and governance risk profiles. they can own and/or operate small-
frameworks will reduce investment scale energy projects in order to
uncertainty and encourage business to Address all stages in the help ensure deployment of
invest for the long term. technology development cycle technologies
• Invest in public and private
Governments are engaging with energy R&D with the support of • Influence public behavior and
business through instruments like the international financial institutions acceptance of new technologies
CDM and public-private technology to help low-GHG technologies such through awareness raising and
partnerships. These are forming new as CCS, renewables and nuclear education to help ensure future
areas of collaboration and new power through the various stages demand for low-GHG energy
business opportunities. of development services.

11
 Energy and Climate Trilogy

Facts and Trends to 2050 Pathways to 2050 Policy Directions to 2050

Presents key facts and trends related to Builds on Facts and Trends to 2050 and Explores potential policy approaches
energy and climate change and provides a more detailed overview of and mechanisms that might be
outlines corresponding dilemmas. potential pathways to reducing CO2 deployed to introduce the required
Primarily designed for business, the emissions. changes in the energy system.
issues are presented succinctly and
illustrated by graphs and projections.
Development
“Doing Business with the World” -
The new role of corporate leadership
in global development
Electricity Utilities Shows how companies can contribute to global
sustainable development through their core
businesses. It offers a business perspective on key
challenges and opportunities for the development
of poor countries, as well as key messages for
companies and governments on how to promote
sustainable business solutions that benefit the
poor and the societies and environments in which
they live.

Promoting Small and Medium

Enterprises for Sustainable
Powering a Sustainable Development
Future In collaboration with SNV Netherlands
A collaborative effort driven by the Development Organization, explains how
eight international companies that governments can help alleviate poverty by
comprise the WBCSD’s Electricity focusing on small and medium enterprises (SMEs)
Utilities Sector Project. The report and how larger corporations can help themselves
highlights the huge potential for end- by including SMEs in their value chains.
use energy efficiency, which can
provide more energy, more securely
and sustainably, and at a lower price.

12
About
WBCSD

The World Business Council for Sustainable Development (WBCSD) brings Footnotes
together some 200 international companies in a shared commitment to 1
sustainable development through economic growth, ecological balance and social IEA. World Energy Outlook. 2006.
progress. Our members are drawn from more than 30 countries and 20 major 2
World Bank. “Investment Framework
industrial sectors. We also benefit from a global network of about 60 national and for Clean Energy and Development: a
regional business councils and partner organizations. platform for convergence of public
and private investments”.
Our mission is to provide business leadership as a catalyst for change toward
sustainable development, and to support the business license to operate, innovate 3
UNFCCC. “Report on the analysis of
and grow in a world increasingly shaped by sustainable development issues. existing and potential investment and
financial flows relevant to the
Our objectives include: development of an effective and
Business Leadership – to be a leading business advocate on sustainable appropriate international response to
development; climate change”. 2007.
4
Policy Development - to help develop policies that create framework conditions for Ibid.
the business contribution to sustainable development; 5
WBCSD. Energy and Climate: Facts and
The Business Case - to develop and promote the business case for sustainable Trends to 2050. 2007.
development; 6
See note 2.
Best Practice - to demonstrate the business contribution to sustainable 7
See note 2.
development and share best practices among members; 8
See note 1.
Global Outreach – to contribute to a sustainable future for developing nations and 9
See note 1.
nations in transition.
10
See note 1.
11
UNDP Human Development Index.
Disclaimer
2006.
This report is released in the name of the WBCSD. Like other WBCSD reports, it is
12
the result of a collaborative effort by members of the secretariat and executives See note 2.
from several member companies. A wide range of members reviewed drafts, 13
WBCSD. Policy Directions to 2050.
thereby ensuring that the document broadly represents the majority view of the 2007.
WBCSD membership. It does not mean, however, that every member company 14
agrees with every word. Stern, N. Stern Review: The Economics
of Climate Change. 2007.
15
IEA and OECD. Energy Technology
Perspectives: Scenarios and Strategies to
2050. 2006.
16
See note 1.
ISBN: 978-3-940388-16-2 17
Energy Commission of Ghana.
18
Paper: Containing 50% recycled content and 50% from mainly certified forests See note 1.
(FSC and PEFC). 100% chlorine-free. ISO 14001 certified mill. 19
See note 14.

Ordering publications 20
Source: www.unfccc.org (accessed
WBCSD, c/o Earthprint Limited November 2007).
Tel: (44 1438) 748111
21
Fax: (44 1438) 748844 See note 14.
wbcsd@earthprint.com 22
Publications are available at: www.wbcsd.org Reuters. “World Bank urges CO2
markets to invest in Africa.”
Copyright: © 2007 World Business Council for Sustainable Development 16 November 2006.
 Linkages Mitigation

Technology
Finance
Adaptation

“Governments are asking us two key questions on climate change.

How far can business go on its own, based on normal operations
and investments? How can governments facilitate and enhance
further action and investment by business? As the leading business
voice on sustainable development we at the WBCSD recognize we
owe governments answers to these questions.”

WBCSD President Björn Stigson

Secretariat
4, chemin de Conches Tel: +41 (0)22 839 31 00 E-mail: info@wbcsd.org
CH-1231 Conches-Geneva Fax: +41 (0)22 839 31 31 Web: www.wbcsd.org
Switzerland

WBCSD North America Office Tel: +1 202 420 77 45 E-mail: washington@wbcsd.org

1744 R Street NW Fax: +1 202 265 16 62
Washington, DC 20009