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In COP16, President Moreno backs creation of Green Fund
  • The President of the IDB also noted that “CO2 is linked to H2O” in a speech on climate change and water in Latin America and the Caribbean
  • Moreno underscored the importance of energy efficiency

The President of the Inter-American Development Bank Luis Alberto Moreno on Dec. 9 backed the creation of a Green Fund to fight against climate change, noting the need to promote new initiatives that generate innovative ideas.

“The financing of the activities related to climate adaptation and mitigation is the most effective tool at our disposal to tackle climate change,” Moreno said in a speech on the role of multilateral banks and climate financing, on the side of the COP16 negotiations. Among others, Mexican President Felipe Calderón, World Bank President Robert Zoellick, and Mexican Finance Secretary Ernesto Cordero also participated in the event.

“All initiatives are worthy of consideration,” Moreno added. “To this end, we support the creation of a Green Fund to fight against climate change. We need to promote new initiatives and encourage innovation.”

Moreno underscored progress made by the Climate Investment Fund (CIF). CIF is an international fund that promotes the development of technologies to help countries deal with climate change. For each dollar invested in the CIF’s Clean Technology Fund, multilateral development banks, the private sector and others provide eight dollars in co-financing

In another panel, Moreno noted the importance of water and climate change, saying that “CO2 has a relationship with H2O.” Latin America and the Caribbean contribute 8 percent of the world’s population but hold 31 percent of its water resources.

Moreno said the linkages between water and climate phenomena represent a “threat to the quality of life and the health of our peoples.”

He added that it was “urgent to integrate water management and climate change adaptation.”

The president of the IDB said the Bank has undertaken a Regional Dialogue on Water and Climate Change, with the participation of 23 countries. The action points that came out of the dialogue include the need to generate more precise hydro-climate information and to strengthen public institutions.

Moreno also took part in the seminar “Energy efficiency in the post-2012 framework: taking the opportunity forward.”

Even though energy is not part of the Millennium Development Goals, he said most of those goals would not be met if 10 percent of the population in the region does not have access to modern energy sources. “Nobody can secure big improvements in poverty reduction, in health and education,” he said, “without first providing proper energy access in the region.”

The best opportunity for reductions in greenhouse gases are in greater energy efficiency, Moreno said.