Private sector “vital” to going green

The private sector can play a key role in tackling environmental challenges, according to a new strategy for sustainable development from the World Bank. The lending body which gives money […]

Register now!

By Vicky Ellis

The private sector can play a key role in tackling environmental challenges, according to a new strategy for sustainable development from the World Bank.

The lending body which gives money to governments has released its Environment Strategy for 2012-2022, laying out a vision for “a green, clean and resilient world for all”.

Challenges such as energy shortage, food crises and water insecurity are made harder by “environmental degradation and climate change”, suggested World Bank Vice President for Sustainable Development Rachel Kyte.

“The Strategy acknowledges the vital role of the private sector in achieving sustainable and inclusive economic growth and development.” added Nena Stoiljkovic at the International Finance Corporation.

In Europe and Central Asia where many countries are faced with energy shortages and industrial pollution, the World Bank says it will promote clean energy, for example.

Renewable energy and energy efficiency are priorities in East Asia and the Pacific, according to the Bank Group’s strategy, where it is backing the phase-out of industrial pollutants and advising on carbon markets.

The World Bank lending to environment and natural resource management has grown from $1.5 billion in 2001 (£0.9bn) to $6.3 billion (£4bn) last year.