Oil summit opens in London: Speeches

Oil summit opens in London: Speeches; I can announce that Britain will be allocating up to £25 million from our £800 million Environmental Transformation Fund, to the new scaling up renewable energy programme within the Climate Investment Funds. And this could include the development of energy plans in low income countries to move them to a lower carbon development path, and it could mean reforms to stimulate private sector investment in these countries in renewable energy. Already this year we have pledged £800 million to the World Bank Climate Investment Funds, a significant proportion of which will be channelled into low carbon energy for people in some of the poorest countries in the world. Thanks again in no small part to the leadership of the Saudi government we now have the opportunity to reach for an even bigger prize - developing a broader framework that enables poor people to make ends meet in the face of future energy shocks. The new IDA Crisis Response Fund, coupled with special funds for food and energy prices, are welcome examples of how as international partners we have come together quickly to address a shared challenge. And I look forward to working with the Saudi government, the Bank and other partners, to develop a more comprehensive framework that could provide energy support to the poorest in difficult times. Whether these difficult times stem from high energy or commodity prices, harvest failure or global recession, in the coming months Britain will be discussing these ideas with the World Bank and our key partners, and I hope the London Economic Summit will be able to set out a clear way forward. Now Ladies and Gentlemen, each one of these initiatives - increasing transparency, deepening our dialogue, sharing our analyses, diversifying away from oil, investing in renewable energy sources, coordinating government action on price stability and working with the IMF and the World Bank to help people in the poorest countries can I belie...
Oil summit opens in London: Speeches; I can announce that Britain will be allocating up to £25 million from our £800 million Environmental Transformation Fund, to the new scaling up renewable energy programme within the Climate Investment Funds. And this could include the development of energy plans in low income countries to move them to a lower carbon development path, and it could mean reforms to stimulate private sector investment in these countries in renewable energy. Already this year we have pledged £800 million to the World Bank Climate Investment Funds, a significant proportion of which will be channelled into low carbon energy for people in some of the poorest countries in the world. Thanks again in no small part to the leadership of the Saudi government we now have the opportunity to reach for an even bigger prize - developing a broader framework that enables poor people to make ends meet in the face of future energy shocks. The new IDA Crisis Response Fund, coupled with special funds for food and energy prices, are welcome examples of how as international partners we have come together quickly to address a shared challenge. And I look forward to working with the Saudi government, the Bank and other partners, to develop a more comprehensive framework that could provide energy support to the poorest in difficult times. Whether these difficult times stem from high energy or commodity prices, harvest failure or global recession, in the coming months Britain will be discussing these ideas with the World Bank and our key partners, and I hope the London Economic Summit will be able to set out a clear way forward. Now Ladies and Gentlemen, each one of these initiatives - increasing transparency, deepening our dialogue, sharing our analyses, diversifying away from oil, investing in renewable energy sources, coordinating government action on price stability and working with the IMF and the World Bank to help people in the poorest countries can I belie...
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