23 May 2011: The European Bank for Reconstruction and Development (EBRD) held a discussion panel titled “Weaving the Magic Carpet: How to Make Climate Finance Flow in the Region,” which brought different perspectives on how to integrate climate finance to stimulate investments from the private sector in order to achieve a low-carbon future.
The discussion panel was held during the 2011 EBRD Annual Meeting and Business Forum, which took place from 20-21 May 2011, in Astana, Kazakhstan, and was moderated by Tae-yong Jung, Deputy Executive Director, Global Green Growth Institute. Panelist Aygen Yayikoglu, Crescent Fund, stressed the need to “put a price on pollution” and develop carbon markets in order to boost the attractiveness of green investments. Xing’an GE, China Beijing Environmental Exchange (CBEEX), outlined the advantages of carbon markets over other policy instruments, highlighting that they guarantee the amount of reduction for carbon dioxide and are the most efficient way for companies to reduce their emissions. Jurgen Keinhorst, Federal Ministry for Environment (BMU), Germany, cautioned that carbon markets are difficult to set up, noting the possible difficulties in replicating Germany’s use of feed-in tariffs to stimulate investment in renewable energy. Ruslan Bultrikov, Kazakh Ministry of Environment Protection, indicated his country’s willingness to encourage low-carbon development as a means of stimulating the technology sector and creating “green” jobs. [EBRD Press Release] [2011 EBRD Annual Meeting Website]