At the ongoing World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, the World Bank chief, Jim Yong Kim has called for creating a $50 billion green market by 2015. Underlining the need for urgent action on climate change, Kim said that as a first step, efforts must be made to double the green bond market to $20 billion by the next summit in September. By the time of the meeting in Paris to be held in 2015, the market should be increased to $50 billion.
As Kim wrote in a blog for the Davos summit that over the last one year, the world has witnessed great leadership on climate from governments as well as private companies. However, he also added that the emissions still continue to rise, and the weaker sections of the society continue to suffer. Kim also welcomed the UN Secretary Generalâ€™s call for a leadership summit on climate change in September this year.
The World Bank chief said that the world needs visionary leaders who are not just thinking about â€œelection cycles.â€ He called upon world leaders to think foremost about taking care of the most vulnerable sections of the population in the current generation as well as the generations to come. He also suggested that governments should put a price on carbon either through taxes or market-based instruments.
Kim said that the governments should also set sustainable performance standards for vehicles, buildings and appliances, among others. He exhorted the corporate leaders not to delay action until the market signals are right or conducive national investment policies are in place. He said that the time to act for the private sector as well as the government leaders is now, or it may become too late. The World Bank chief asked long-term investors to recognize their fiduciary responsibility to future pension holders who will be impacted by the decisions that are taken now.
Source:Â The Hindu Business Line
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