World Bank Policies, Energy Conservation and Emissions Reduction

In the early 1990s, international arrangements for the environment were broadened to include a new dimension: the protection of the global environment, in particular the reduction of greenhouse gas (GHG) emissions to the atmosphere due mostly to the burning of fossil fuels. Among many initiatives, improving energy efficiency was proposed as a cost-effective measure to eliminate global environmental risks, particularly with regard to the use of new technologies and processes in industry (Schipper and Meyers 1992, p. 73–118). After the 1992 United Nations Conference on Environment and Development (UNCED) in Rio, many initiatives were undertaken at the national and international levels to strengthen various mechanisms for action, including the Global Environment Facility (GEF), jointly managed by the World Bank, the UNDP and the United Nations Environment Programme (UNEP).2