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‘Green growth’ no longer a niche player

Wednesday 9 June 2010 - by Judith Becker

Climate Change and its opportunities to foster growth is no longer “just a niche†according to Commissioner for Climate Action Connie Hedegaard.

Speaking at the Brussels Economic Forum at the end of May, Hedegaard said competition for green growth is getting fiercer around the world.

She acknowledged that the change towards a green economy will not be cheap, probably around several hundred billion euros.

The situation is made even more difficult by the proposed and necessary fiscal reforms that will tighten government budgets in this field.

European Investment Bank director of structured finance and advisory activities Thomas Barrett said a “significant collapse in the availability of funding†has already taken place since the start of the financial crisis and that this would lead to “major investment challengesâ€.


Both he and Jennifer Morgan, from the World Resources Institute stressed the need for innovative means of financing green growth to take full advantage of the low-carbon growth potential.

Morgan proposed a Global Energy Transfer Feed-in Tariffs Program to create new international public-private partnerships. She said: “This would efficiently combine a fund of public money directed for renewable energy incentives with risk mitigation strategies and coordinated technical assistance to address project development and financing barriers.â€


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