Thursday, 13 December 2007: JEDDAH - The Islamic Development Bank (IDB), the Muslim world's premier multilateral financial institution, in Bali, Indonesia announced plans to set up a new Clean Energy Fund to further expand sustainable energy development services in its 56 member-countries in the Mideast, Africa, Asia, Europe and Latin America. Addressing a global gathering of finance ministers and international development finance chiefs meeting at the United Nations Climate Change Conference currently underway in Bali, IDB's president, Dr. Ahmed Mohamed Ali, signaled IDB's intention to establish a Clean Energy Fund to capitalize on Kyoto Protocol's Clean Development Mechanism (CDM) and to stimulate private sector participation in clean energy projects.
Presenting the IDB climate change agenda, Dr. Ali said "IDB will assist its member countries in their efforts to improve energy efficiency and gradually adopt clean energy systems."
He added that "IDB will work with its member countries to adapt and climate-proof their national development and poverty reduction plans, in the framework of the United Nations Millennium Development Goals (MDGs) and beyond."
Dr. Ali also underscored the importance of developing new technologies such as carbon dioxide capture and storage (CCS, as it is known).
In this context, he commended Saudi Arabia's leadership role in establishing a new clean energy research and development fund, in partnership with Kuwait, Qatar and the United Arab Emirates.
With $300 million already committed by Saudi Arabia and $150 million from each of the other three GCC States, this fund, which was originally announced at the 3rd OPEC Summit held in Riyadh in November, has already received $750 million from its founders.
Dr. Ali firmly believes this new research and development fund offers a unique opportunity for developing clean energy-focused partnerships between the concerned GCC States and IDB.
© The Saudi Gazette 2007
