Energy demand is projected to grow by a third in the next
15 years. A rapid scale-up of low-carbo... more Energy demand is projected to grow by a third in the next 15 years. A rapid scale-up of low-carbon energy sources and energy efficiency is essential to drive global growth, reduce the air pollution and greenhouse gas emissions (GHGs) associated with fossil fuel use and help provide reliable access to modern energy for those who lack it. This need has become more urgent following the global commitment made in the UN Paris Agreement in December 2015 to reducing net GHG emissions to zero in the second half of the century.
There has been significant progress in recent years, partly due to sharp declines in the cost of renewables. Solar PV modules, for example, are about 80% cheaper than they were in 2008. Clean energy is increasingly cost-competitive with fossil fuels. In 2013, for the first time, the world added more low-carbon electricity capacity than fossil fuel capacity.
According to IRENA, the share of renewable energy in total electricity generation can reach as much as 36% by 2030 with technologies that are available today, if the right conditions and investments are secured.1 Given an estimated 1.1 billion people currently without access to electricity and 2.9 billion lacking modern cooking facilities, increasing international financing for energy access is also a key priority. International cooperation coordinated by development finance institutions is helping improve the risk-reward profile of clean energy projects, particularly for renewables and energy efficiency, lowering the cost of capital for investment, increasing its supply, and facilitating access to energy services. It is also starting to drive a shift in investments away from new coal-fired power and fossil fuel exploration; this needs to be accelerated, starting with developed and emerging economies.
The Global Commission on the Economy and Climate recommends that, to bring down the costs of financing clean energy and catalyse private investment, multilateral and national development banks scale up their collaboration with governments and the private sector, and their own capital commitments, with the aim of reaching a global total of at least US$1 trillion of investment per year in low-carbon power supply and (non-transport) energy efficiency by 2030.
Donors and development finance institutions should phase out the financing of high-carbon energy systems, except where there is a clear development rationale without viable alternatives. They should significantly increase financing for energy access, including a global fund for connectivity. National governments should commit to clear, stable policy and regulatory frameworks that properly reward clean energy and reduce risks. The private sector should work with governments and regulators to scale up the use of finance and industry models that lower financing costs for low-carbon energy and energy efficiency investment, particularly for institutional investors. Private investors should also consider expanding their own commitments to financing clean energy and shifting away from coal.
Scaling up clean energy financing to at least US$1 trillion a year could reduce annual GHG emissions by 2030 by 5.5–7.5 Gt CO2e.
The primary objective of this report is to examine the economic impacts (actual and potential) on... more The primary objective of this report is to examine the economic impacts (actual and potential) on developing countries of current transformations in global energy markets associated with the growth in exploitation of shale gas and tight oil. We have already seen large changes in energy markets; e.g. US oil imports from Africa have dropped significantly and US gas imports have collapsed over the last 5–10 years, as tight oil and shale gas production in the US have increased. We estimate that US imports of oil and gas may have been 50% lower as a result of fracking in 2012. As a result of fracking in the future, Chinese imports of gas could be 30–40% lower in 2020. In the case of a reduction in US gas imports, our analysis suggests that Trinidad and Tobago would suffer export revenue loss equivalent to more than 3% of GDP, and other countries affected include Yemen, Egypt, Qatar, Equatorial Guinea, Nigeria, Algeria, Peru. In total, developing countries are estimated to have lost US$1.5 billion in annual gas export revenues because of the rise in fracking. A larger number of countries are exposed to a potential trade shock emerging from a change in US oil imports including Angola, Congo, and Nigeria. An increase in fracking in China with the same size in the trade shock would double the effect. The total estimated effects from a reduction in US oil imports from African countries amount to US$32 billion. The net impacts on exporters will depend on their ability to find other markets, and the conditions under which they do so. The fracking revolution is also likely to have major geopolitical impacts. The US and China stand to benefit from the prospect of greater energy independence. Europe will be faced with an imperative to reduce its dependence on energy imports from Russia and elsewhere, and will face various options for doing this. Russia, the Middle East and OPEC are expected to lose in political terms. For non-oil exporting developing countries the economic impacts can be expected to be broadly positive, through growth effects and reductions in the cost of importing energy.
About US$90 trillion in infrastructure investment is needed
globally by 2030 to achieve global gr... more About US$90 trillion in infrastructure investment is needed globally by 2030 to achieve global growth expectations, particularly in developing countries. To achieve this, infrastructure investment needs to be both scaled up, and, due to climate risk, integrate climate objectives. Infrastructure investment has become a core focus of international economic cooperation through the G20 and also for established and new development finance institutions. Integrating climate objectives into infrastructure decisions will increase resilience to climate change impacts1, avoid locking in carbon-intensive and polluting investments, and bring multiple additional benefits, such as cleaner air and lower traffic congestion. Shifting to low-carbon infrastructure could add as little as 5% to upfront investment costs in 2015-2030. These costs could be offset by resulting energy and fuel savings. A number of institutions have already started integrating climate risk into their investment decisions, but this needs to be done in a far more systematic way, making best practices the norm. For example, several international institutions are working to halt unabated coal project financing, but this effort will need to extend to national development banks and newer multilateral development banks (MDBs). International finance will also have to be significantly scaled up to deliver the US$90 trillion. This includes increasing capitalisation of both national and multilateral development banks. The Global Commission on the Economy and Climate rec- ommends that G20 and other countries adopt key princi- ples ensuring the integration of climate risk and climate objectives in national infrastructure policies and plans. These principles should be included in the G20 Global Infra- structure Initiative, as well as used to guide the investment strategies of public and private finance institutions, particular- ly multilateral and national development banks. Governments, development banks and the private sector should cooperate to share experience and best practice in mainstreaming climate into infrastructure policies, plans and projects.
The Law and Practice of International Courts and Tribunals, 2009
... 20) Id. 21) See, eg, Carlos Manuel Vazquez, Treaties as Law of the Land: The Supremacy Clause... more ... 20) Id. 21) See, eg, Carlos Manuel Vazquez, Treaties as Law of the Land: The Supremacy Clause and the Presumption of Self-Execution, 122 Harv. L. Rev. ... Before oral argument in 2005, President Bush issued a memorandum to the US Attorney general determin[ing] . . . ...
Energy demand is projected to grow by a third in the next
15 years. A rapid scale-up of low-carbo... more Energy demand is projected to grow by a third in the next 15 years. A rapid scale-up of low-carbon energy sources and energy efficiency is essential to drive global growth, reduce the air pollution and greenhouse gas emissions (GHGs) associated with fossil fuel use and help provide reliable access to modern energy for those who lack it. This need has become more urgent following the global commitment made in the UN Paris Agreement in December 2015 to reducing net GHG emissions to zero in the second half of the century.
There has been significant progress in recent years, partly due to sharp declines in the cost of renewables. Solar PV modules, for example, are about 80% cheaper than they were in 2008. Clean energy is increasingly cost-competitive with fossil fuels. In 2013, for the first time, the world added more low-carbon electricity capacity than fossil fuel capacity.
According to IRENA, the share of renewable energy in total electricity generation can reach as much as 36% by 2030 with technologies that are available today, if the right conditions and investments are secured.1 Given an estimated 1.1 billion people currently without access to electricity and 2.9 billion lacking modern cooking facilities, increasing international financing for energy access is also a key priority. International cooperation coordinated by development finance institutions is helping improve the risk-reward profile of clean energy projects, particularly for renewables and energy efficiency, lowering the cost of capital for investment, increasing its supply, and facilitating access to energy services. It is also starting to drive a shift in investments away from new coal-fired power and fossil fuel exploration; this needs to be accelerated, starting with developed and emerging economies.
The Global Commission on the Economy and Climate recommends that, to bring down the costs of financing clean energy and catalyse private investment, multilateral and national development banks scale up their collaboration with governments and the private sector, and their own capital commitments, with the aim of reaching a global total of at least US$1 trillion of investment per year in low-carbon power supply and (non-transport) energy efficiency by 2030.
Donors and development finance institutions should phase out the financing of high-carbon energy systems, except where there is a clear development rationale without viable alternatives. They should significantly increase financing for energy access, including a global fund for connectivity. National governments should commit to clear, stable policy and regulatory frameworks that properly reward clean energy and reduce risks. The private sector should work with governments and regulators to scale up the use of finance and industry models that lower financing costs for low-carbon energy and energy efficiency investment, particularly for institutional investors. Private investors should also consider expanding their own commitments to financing clean energy and shifting away from coal.
Scaling up clean energy financing to at least US$1 trillion a year could reduce annual GHG emissions by 2030 by 5.5–7.5 Gt CO2e.
The primary objective of this report is to examine the economic impacts (actual and potential) on... more The primary objective of this report is to examine the economic impacts (actual and potential) on developing countries of current transformations in global energy markets associated with the growth in exploitation of shale gas and tight oil. We have already seen large changes in energy markets; e.g. US oil imports from Africa have dropped significantly and US gas imports have collapsed over the last 5–10 years, as tight oil and shale gas production in the US have increased. We estimate that US imports of oil and gas may have been 50% lower as a result of fracking in 2012. As a result of fracking in the future, Chinese imports of gas could be 30–40% lower in 2020. In the case of a reduction in US gas imports, our analysis suggests that Trinidad and Tobago would suffer export revenue loss equivalent to more than 3% of GDP, and other countries affected include Yemen, Egypt, Qatar, Equatorial Guinea, Nigeria, Algeria, Peru. In total, developing countries are estimated to have lost US$1.5 billion in annual gas export revenues because of the rise in fracking. A larger number of countries are exposed to a potential trade shock emerging from a change in US oil imports including Angola, Congo, and Nigeria. An increase in fracking in China with the same size in the trade shock would double the effect. The total estimated effects from a reduction in US oil imports from African countries amount to US$32 billion. The net impacts on exporters will depend on their ability to find other markets, and the conditions under which they do so. The fracking revolution is also likely to have major geopolitical impacts. The US and China stand to benefit from the prospect of greater energy independence. Europe will be faced with an imperative to reduce its dependence on energy imports from Russia and elsewhere, and will face various options for doing this. Russia, the Middle East and OPEC are expected to lose in political terms. For non-oil exporting developing countries the economic impacts can be expected to be broadly positive, through growth effects and reductions in the cost of importing energy.
About US$90 trillion in infrastructure investment is needed
globally by 2030 to achieve global gr... more About US$90 trillion in infrastructure investment is needed globally by 2030 to achieve global growth expectations, particularly in developing countries. To achieve this, infrastructure investment needs to be both scaled up, and, due to climate risk, integrate climate objectives. Infrastructure investment has become a core focus of international economic cooperation through the G20 and also for established and new development finance institutions. Integrating climate objectives into infrastructure decisions will increase resilience to climate change impacts1, avoid locking in carbon-intensive and polluting investments, and bring multiple additional benefits, such as cleaner air and lower traffic congestion. Shifting to low-carbon infrastructure could add as little as 5% to upfront investment costs in 2015-2030. These costs could be offset by resulting energy and fuel savings. A number of institutions have already started integrating climate risk into their investment decisions, but this needs to be done in a far more systematic way, making best practices the norm. For example, several international institutions are working to halt unabated coal project financing, but this effort will need to extend to national development banks and newer multilateral development banks (MDBs). International finance will also have to be significantly scaled up to deliver the US$90 trillion. This includes increasing capitalisation of both national and multilateral development banks. The Global Commission on the Economy and Climate rec- ommends that G20 and other countries adopt key princi- ples ensuring the integration of climate risk and climate objectives in national infrastructure policies and plans. These principles should be included in the G20 Global Infra- structure Initiative, as well as used to guide the investment strategies of public and private finance institutions, particular- ly multilateral and national development banks. Governments, development banks and the private sector should cooperate to share experience and best practice in mainstreaming climate into infrastructure policies, plans and projects.
The Law and Practice of International Courts and Tribunals, 2009
... 20) Id. 21) See, eg, Carlos Manuel Vazquez, Treaties as Law of the Land: The Supremacy Clause... more ... 20) Id. 21) See, eg, Carlos Manuel Vazquez, Treaties as Law of the Land: The Supremacy Clause and the Presumption of Self-Execution, 122 Harv. L. Rev. ... Before oral argument in 2005, President Bush issued a memorandum to the US Attorney general determin[ing] . . . ...
Uploads
Papers by Ilmi Granoff
15 years. A rapid scale-up of low-carbon energy sources and
energy efficiency is essential to drive global growth, reduce
the air pollution and greenhouse gas emissions (GHGs)
associated with fossil fuel use and help provide reliable access
to modern energy for those who lack it. This need has become
more urgent following the global commitment made in the
UN Paris Agreement in December 2015 to reducing net GHG
emissions to zero in the second half of the century.
There has been significant progress in recent years, partly
due to sharp declines in the cost of renewables. Solar PV
modules, for example, are about 80% cheaper than they
were in 2008. Clean energy is increasingly cost-competitive
with fossil fuels. In 2013, for the first time, the world added
more low-carbon electricity capacity than fossil fuel capacity.
According to IRENA, the share of renewable energy in total
electricity generation can reach as much as 36% by 2030 with
technologies that are available today, if the right conditions
and investments are secured.1 Given an estimated 1.1 billion
people currently without access to electricity and 2.9 billion
lacking modern cooking facilities, increasing international
financing for energy access is also a key priority.
International cooperation coordinated by development finance
institutions is helping improve the risk-reward profile of
clean energy projects, particularly for renewables and energy
efficiency, lowering the cost of capital for investment, increasing
its supply, and facilitating access to energy services. It is also
starting to drive a shift in investments away from new coal-fired
power and fossil fuel exploration; this needs to be accelerated,
starting with developed and emerging economies.
The Global Commission on the Economy and Climate
recommends that, to bring down the costs of financing clean
energy and catalyse private investment, multilateral and
national development banks scale up their collaboration with
governments and the private sector, and their own capital commitments, with the aim of reaching a global total of at least US$1 trillion of investment per year in low-carbon power supply
and (non-transport) energy efficiency by 2030.
Donors and development finance institutions should phase out the financing of high-carbon energy systems, except where
there is a clear development rationale without viable alternatives. They should significantly increase financing for energy access, including a global fund for connectivity. National governments should commit to clear, stable policy and regulatory frameworks that properly reward clean energy and reduce risks. The private sector should work with governments and
regulators to scale up the use of finance and industry models that lower financing costs for low-carbon energy and energy
efficiency investment, particularly for institutional investors. Private investors should also consider expanding their own
commitments to financing clean energy and shifting away from coal.
Scaling up clean energy financing to at least US$1 trillion a year could reduce annual GHG emissions by 2030 by 5.5–7.5 Gt CO2e.
In the case of a reduction in US gas imports, our analysis suggests that Trinidad and Tobago would suffer export revenue loss equivalent to more than 3% of GDP, and other countries affected include Yemen, Egypt, Qatar, Equatorial Guinea, Nigeria, Algeria, Peru. In total, developing countries are estimated to have lost US$1.5 billion in annual gas export revenues because of the rise in fracking.
A larger number of countries are exposed to a potential trade shock emerging from a change in US oil imports including Angola, Congo, and Nigeria. An increase in fracking in China with the same size in the trade shock would double the effect. The total estimated effects from a reduction in US oil imports from African countries amount to US$32 billion. The net impacts on exporters will depend on their ability to find other markets, and the conditions under which they do so.
The fracking revolution is also likely to have major geopolitical impacts. The US and China stand to benefit from the prospect of greater energy independence. Europe will be faced with an imperative to reduce its dependence on energy imports from Russia and elsewhere, and will face various options for doing this. Russia, the Middle East and OPEC are expected to lose in political terms. For non-oil exporting developing countries the economic impacts can be expected to be broadly positive, through growth effects and reductions in the cost of importing energy.
globally by 2030 to achieve global growth expectations,
particularly in developing countries. To achieve this,
infrastructure investment needs to be both scaled up, and, due
to climate risk, integrate climate objectives.
Infrastructure investment has become a core focus of international economic cooperation through the G20 and also for established and new development finance institutions. Integrating climate objectives into infrastructure decisions will increase resilience to climate change impacts1, avoid locking in carbon-intensive and polluting investments, and bring multiple additional benefits, such as cleaner air and lower traffic congestion. Shifting to low-carbon infrastructure could add as little as 5% to upfront investment costs in 2015-2030. These costs could be offset by resulting energy and fuel savings.
A number of institutions have already started integrating climate risk into their investment decisions, but this needs to be done in a far more systematic way, making best practices the norm. For example, several international institutions are working to halt unabated coal project financing, but this effort will need to extend to national development banks and newer multilateral development banks (MDBs).
International finance will also have to be significantly scaled up to deliver the US$90 trillion. This includes increasing capitalisation of both national and multilateral development banks.
The Global Commission on the Economy and Climate rec- ommends that G20 and other countries adopt key princi- ples ensuring the integration of climate risk and climate objectives in national infrastructure policies and plans.
These principles should be included in the G20 Global Infra- structure Initiative, as well as used to guide the investment strategies of public and private finance institutions, particular- ly multilateral and national development banks. Governments, development banks and the private sector should cooperate to share experience and best practice in mainstreaming climate into infrastructure policies, plans and projects.
15 years. A rapid scale-up of low-carbon energy sources and
energy efficiency is essential to drive global growth, reduce
the air pollution and greenhouse gas emissions (GHGs)
associated with fossil fuel use and help provide reliable access
to modern energy for those who lack it. This need has become
more urgent following the global commitment made in the
UN Paris Agreement in December 2015 to reducing net GHG
emissions to zero in the second half of the century.
There has been significant progress in recent years, partly
due to sharp declines in the cost of renewables. Solar PV
modules, for example, are about 80% cheaper than they
were in 2008. Clean energy is increasingly cost-competitive
with fossil fuels. In 2013, for the first time, the world added
more low-carbon electricity capacity than fossil fuel capacity.
According to IRENA, the share of renewable energy in total
electricity generation can reach as much as 36% by 2030 with
technologies that are available today, if the right conditions
and investments are secured.1 Given an estimated 1.1 billion
people currently without access to electricity and 2.9 billion
lacking modern cooking facilities, increasing international
financing for energy access is also a key priority.
International cooperation coordinated by development finance
institutions is helping improve the risk-reward profile of
clean energy projects, particularly for renewables and energy
efficiency, lowering the cost of capital for investment, increasing
its supply, and facilitating access to energy services. It is also
starting to drive a shift in investments away from new coal-fired
power and fossil fuel exploration; this needs to be accelerated,
starting with developed and emerging economies.
The Global Commission on the Economy and Climate
recommends that, to bring down the costs of financing clean
energy and catalyse private investment, multilateral and
national development banks scale up their collaboration with
governments and the private sector, and their own capital commitments, with the aim of reaching a global total of at least US$1 trillion of investment per year in low-carbon power supply
and (non-transport) energy efficiency by 2030.
Donors and development finance institutions should phase out the financing of high-carbon energy systems, except where
there is a clear development rationale without viable alternatives. They should significantly increase financing for energy access, including a global fund for connectivity. National governments should commit to clear, stable policy and regulatory frameworks that properly reward clean energy and reduce risks. The private sector should work with governments and
regulators to scale up the use of finance and industry models that lower financing costs for low-carbon energy and energy
efficiency investment, particularly for institutional investors. Private investors should also consider expanding their own
commitments to financing clean energy and shifting away from coal.
Scaling up clean energy financing to at least US$1 trillion a year could reduce annual GHG emissions by 2030 by 5.5–7.5 Gt CO2e.
In the case of a reduction in US gas imports, our analysis suggests that Trinidad and Tobago would suffer export revenue loss equivalent to more than 3% of GDP, and other countries affected include Yemen, Egypt, Qatar, Equatorial Guinea, Nigeria, Algeria, Peru. In total, developing countries are estimated to have lost US$1.5 billion in annual gas export revenues because of the rise in fracking.
A larger number of countries are exposed to a potential trade shock emerging from a change in US oil imports including Angola, Congo, and Nigeria. An increase in fracking in China with the same size in the trade shock would double the effect. The total estimated effects from a reduction in US oil imports from African countries amount to US$32 billion. The net impacts on exporters will depend on their ability to find other markets, and the conditions under which they do so.
The fracking revolution is also likely to have major geopolitical impacts. The US and China stand to benefit from the prospect of greater energy independence. Europe will be faced with an imperative to reduce its dependence on energy imports from Russia and elsewhere, and will face various options for doing this. Russia, the Middle East and OPEC are expected to lose in political terms. For non-oil exporting developing countries the economic impacts can be expected to be broadly positive, through growth effects and reductions in the cost of importing energy.
globally by 2030 to achieve global growth expectations,
particularly in developing countries. To achieve this,
infrastructure investment needs to be both scaled up, and, due
to climate risk, integrate climate objectives.
Infrastructure investment has become a core focus of international economic cooperation through the G20 and also for established and new development finance institutions. Integrating climate objectives into infrastructure decisions will increase resilience to climate change impacts1, avoid locking in carbon-intensive and polluting investments, and bring multiple additional benefits, such as cleaner air and lower traffic congestion. Shifting to low-carbon infrastructure could add as little as 5% to upfront investment costs in 2015-2030. These costs could be offset by resulting energy and fuel savings.
A number of institutions have already started integrating climate risk into their investment decisions, but this needs to be done in a far more systematic way, making best practices the norm. For example, several international institutions are working to halt unabated coal project financing, but this effort will need to extend to national development banks and newer multilateral development banks (MDBs).
International finance will also have to be significantly scaled up to deliver the US$90 trillion. This includes increasing capitalisation of both national and multilateral development banks.
The Global Commission on the Economy and Climate rec- ommends that G20 and other countries adopt key princi- ples ensuring the integration of climate risk and climate objectives in national infrastructure policies and plans.
These principles should be included in the G20 Global Infra- structure Initiative, as well as used to guide the investment strategies of public and private finance institutions, particular- ly multilateral and national development banks. Governments, development banks and the private sector should cooperate to share experience and best practice in mainstreaming climate into infrastructure policies, plans and projects.