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London Should Be Clearinghouse for Green Investing, Barker Says
2010-09-07 09:42:55.604 GMT
By Catherine Airlie
Sept. 7 (Bloomberg) -- London should be the clearinghouse
as private investors provide at least half the funding needed to
fight global warming in developing nations, U.K. Climate Change
Minister Greg Barker said.
"It's likely that at least half, if not considerably more"
of the $100 billion a year that will be required to fund new
infrastructure and cleaner sources of energy will come from
private financing, Barker said today in an interview before his
speech at the London Stock Exchange.
While more than 190 envoys failed at last year's climate
talks in Copenhagen to agree on a climate change treaty,
developed countries committed to pay as much as $100 million a
year by 2020 in aid to poorer countries to help tackle the
global warming. Representatives of Morgan Stanley and Deutsche
Bank AG are scheduled to speak at the London Stock Exchange
today on obstacles to cleaner energy.
The private sector will drive in investments in clean-
energy technologies, while there will be a "stronger role of
public sector finance for adaptation measures such as flood
defenses and related projects, said Barker, a member of the
Conservative Party. He previously worked in financial public
relations, including a role as head of international investor
relations at Sibneft, Russia's fifth largest oil producer.
''We need to make sure that we get the policy framework
right in order to unlock large-scale private investment for
clean technologies,'' said Justine Greening, economic secretary
to the U.K. government's treasury.
Strong Governance, Transparency
About $1 trillion a year will be needed by 2030 to reduce
global greenhouse gas emissions, according to the International
Energy Agency. The U.K. has committed to cut its carbon-dioxide
emissions by 80 percent below 1990 levels by 2050. CO2 is a
greenhouse gas blamed for causing climate change.
Investments in the clean-energy sector more than doubled to
$162 billion in the four years through to 2009, according to the
U.K. government.
''We need to encourage greater dialog between policy makers
in governments of developing nations and key capital market
players,'' Barker said. Developing nations need to show ''strong
governance and transparency'' to help attract investment from the
private sector, he said.
For Related News and Information:
U.K. power market stories: TNI UK PWRMARKET <GO>
Top energy news: ETOP <GO>
U.K. electricity prices: ELEU <GO>
--Editor: Mike Anderson, Torrey Clark.
To contact the reporter on this story:
To contact the reporter on this story:
Catherine Airlie in London at +44-20-7073-3308 or
cairlie@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss on +44-20-7073-3520 or sev@bloomberg.net
