The World Bank, Biogas & Reopening economies post COVID
Marc Sadler, Practice Manager, World Bank will be joining The World Biogas Summit’s panel session Financing a sustainable future with biogas at its heart on 6th October, online.
Prior to this session, he gives us a preview of the focus of his presentation.
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As the focus of the COVID pandemic begins to shift to reopening economies, investment in climate-friendly strategies can deliver multiple wins: boosting shorter-term demands of creating jobs and incomes, and generating longer term sustainability and growth benefits such as cleaner air, reduced greenhouse gas emissions, or the enhanced ability to adapt to the impacts of climate change.
The World Bank’s Climate Change Fund Management Unit is home to initiatives that deliver innovative and scalable climate and environmental action. With more than $5 billion in capital, these initiatives create partnerships to develop new financial instruments for low-carbon, climate-resilient development, build supportive policy and regulatory environments to help lower the cost of capital and dismantle barriers to projects, and catalyze private sector capital to finance and scale-up climate action.
Results-based payments of results-based financing (RBF) is a powerful financial instrument to enable countries to reach climate targets, implement more sustainable policies, build capacity, pay for the achievement of specific and quantified results, and provide price signals and support for market building. Results-based financing is particularly suitable to the climate agenda now, as many countries may begin to focus on converting their nationally determined contribution commitments into actionable projects that would be competitive in stimulus discussions.
Looking ahead, we will build on relevant experience using RBF through programmatic approaches to finance biogas projects. We seek opportunities to scale-up business models tested by many of our funds with a sectoral approach where substantial reforms in the country’s institutional framework are required to transform the sector. We look forward to collaborating with countries on making these reforms and securing the necessary financial support that will be needed to overcome some of the existing barriers for the growth of the biogas market as part of a resilient economic recovery.
By Marc Sadler, Practice Manager, World Bank
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Marc Sadler, Practice Manager, World Bank will be joining The World Biogas Summit’s panel session Financing a sustainable future with biogas at its heart on 6th October, online.
