World Bank admits 'carbon offsets' don't work...
This study reviews the World Bank’s efforts in mitigating climate change, which have expanded rapidly in recent years. Seeking lessons on what works and what doesn’t, the report stresses five measures that offer attractive local benefits while fighting climate change: energy efficiency; forest protection; appropriate project finance; technology transfer; and accelerated learning.
27th November 2010
The IEG report recommends that the World Bank Group rebalance its efforts toward higher-impact sectors and instruments, with relatively greater emphasis on energy efficiency, such as lighting and improvements in electricity transmission and distribution. The report also emphasizes the need for the Bank to actively assist clients to move away from coal, using energy-system-wide analyses to find cleaner, more cost-effective and financeable alternatives. It urges the Bank Group to take a public venture capital approach, incubating a portfolio of promising investments and rapidly scaling up the successful ones.
Read the full report... http://www.worldbank.org/ieg/climatechangeII/index.html