Pachauri was then questioned as to whether he
thought that the forthcoming summit in Mexico City
will produce an accord. He replied,
“We were all very disappointed with the outcome of
Cop 15. Things do not always go to script. We have
to see the glass as half full and work with what we’ve
got. We have a short period of time for the world
to get its act together, and it will take a superhuman
effort, particularly on the parts of the US and
developing countries. It is a daunting, but doable
prospect. We need leadership of the highest order
from countries. I can see it happening, once there is
no bickering. We need a major grass roots push from
business, civil society and governments.”
Norway is one of the benchmark countries for Abu
Dhabi’s Vision 2030 because, despite the fact that
it is rich in hydrocarbon reserves, it powers 95% of
its domestic energy consumption with renewables,
enabling it to export 100% of its gas. Minister of
Foreign Affairs of Norway, Jonas Gahr Store asserted
in a press conference at the World Future Energy
Summit that:
“I believe that energy prices will go up over time.
What the price will be, I do not know. But the real
issue facing us is carbon. We need to put a price on
carbon. Then many other issues can be handled.”
He then said that we needed to wait until individual
national action plans were decided individually and
delivered to the committee in February,
58
“This will give us a starting point to see where we are
and ascertain the best way to proceed.”
Unfortunately, since then, the plans have not been
forthcoming, and the idea has been scrapped and all
will have to be thrashed out again in Mexico. The
Foreign Minister further boosted Norway’s green
credentials when asked whether the EU should raise
carbon reduction targets.
“In Norway, we are committed to 30%, but we are
ready to go to 40%. On balance, Norway’s renewable
energy performance is second to none.”
Green Banking
In addition to Deutsche Bank Climate Change
Advisors, one of the major banking sponsors of
the event was Standard Chartered Bank. Based in
Asia, the Middle East and Africa, the bank operates
on the periphery of what most major international
banks would consider their core market and has a
specific Renewable Energy & Environmental Finance
(REEF) section to facilitate the burgeoning green
energy market in these regions.
Peter Gutman, Global Head of REEF, Standard
Chartered Bank, with headquarters in Singapore,
outlined to CEO Financial why Standard Chartered
had such a vested interest in the summit, “We
operate in Asia, the Middle East and Africa. These
markets are the most susceptible to climate change.
It becomes apparent if you look at our market