The World Bank's Clean Technology Fund (CTF)

^Pr^ep^ar^{ed f}^o^r^M^e^m^b^ers^an^d^Com^mⁱ^t^t^ees^of^C^ong^r^e^ss

The United States Treasury has led efforts to create a $10 billion Clean Technology Fund (CTF),
located at the World Bank, to help fund deployment of clean technology to reduce greenhouse gas
emissions in developing economies. The Bush administration has asked Congress to authorize
and appropriate U.S. funding of $2 billion over three years (FY2009 to FY2011). While many
Members of Congress have expressed support for the CTF, others have raised concerns, primarily
with respect to whether the CTF should finance carbon-based energy projects. To date, Congress
has not passed legislation authorizing or appropriating U.S. contributions to the Fund. This report
will be updated as events warrant.

Introduc tion ..................................................................................................................................... 1
The World Bank and Climate Change.............................................................................................1
Should the CTF Fund Coal Plants?.................................................................................................3
Congressional Action......................................................................................................................5
Author Contact Information............................................................................................................5

In February 2008, Japan, the United Kingdom, and the United States announced their intention to
create a set of funds at the World Bank to help developing countries “bridge the gap between dirty
and clean energy” and “boost the World Bank’s ability to help developing countries tackle climate ¹
change.” The World Bank held the first design meeting for the proposed climate investment
funds in March 2008 in Paris, France. Second and third meetings were held in Washington, DC in
April 2008 and Berlin, Germany in May 2008. On May 23, 2008, representatives from 40
developing and industrialized countries reached agreement on the Fund’s design. At the
September 2008 pledging conference, $6.2 billion was pledged to the two funds, with over $5.0
billion for the Clean Technology Fund (CTF) alone.
The aim of the CTF is to slow the growth of greenhouse gas (GHG) emissions in developing
countries by helping fund the costs of transitioning to low-carbon economic growth. This would
be accomplished by helping developing countries deploy commercially available cleaner
technologies instead of cheaper, higher GHG emitting alternatives, such as traditional coal-fired
power plants. The World Bank hopes to secure $10 billion for the CTF. The Bush administration
has asked Congress to authorize and appropriate U.S. funding of $2 billion over three years
(FY2009 to FY2011). As the first contribution toward this pledge, the Administration has ²
requested appropriations of $400 million in the FY2009 Treasury International Programs request.

The core mission of the World Bank is sustainable economic growth and poverty reduction. Some
view climate change mitigation and adaptation as part of this agenda since the least developed
countries are disproportionately impacted by the negative effects of climate change due to rising
sea levels, temperatures, droughts, changes in rainfall patterns, access to drinkable water, and
disease patterns. Thus, the World Bank has increased its efforts over the past two decades to
prepare environmental assessments for its projects and provide developing countries greater ³
access to finance and technology for climate change mitigation efforts. However, in 2005, the
World Resources Institute (WRI), an environmental think tank, estimated that climate change ⁴
mitigation was considered in less than 20% of the World Bank’s energy sector lending.
At the 2005 Gleneagles Summit, the Group of Eight (G8) countries launched an initiative
focusing on climate change, clean energy, and sustainable development. By creating a forum
outside of the formal United Nations Framework Convention on Climate Change (UNFCCC)
process, the G8 aimed to quickly increase transfer of technology to poor and developing countries

¹^He^nry^P^a^ulso^{n, A}^lista^{ir Da}^rling^a^{nd F}^u^k^u^shir^{o Nu}^kaga,^“Fⁱⁿ^an^ci^a^l^b^rⁱ^d^{ge f}^r^o^m^dⁱ^rt^y^t^o^cl^ean^,^”^Fina^nc^{ial Tim}^e^s^,
^Fe^br^ua^r^y^{7, 20}⁰⁸^.
²^FY²⁰⁰⁹^B^u^dg^e^t^R^e^que^s^t^{, T}^r^e^a^s^ur^y^Iⁿ^te^rⁿ^a^tiona^l^P^r^og^r^a^m^s^{: J}^u^s^tifⁱ^c^a^{tion f}^o^r^A^ppr^o^p^rⁱ^a^tio^ns^.
³^{See CRS Rep}^o^r^{t 9}⁸^-1⁸⁰^,^Mu^lⁱ^l^a^t^era^l^Devel^o^p^m^en^t^B^aⁿ^k^s^'^Eⁿ^vi^ro^nmen^t^a^l^A^ssessmen^t^an^d^Iⁿ^f^o^rma^tⁱ^oⁿ^P^o^lⁱ^cⁱ^e^s:
^Imp^a^c^t^of^t^h^{e P}^e^l^o^si^A^m^end^m^en^t^,^by^J^ona^thaⁿ^E.^Sa^nf^or^{d a}^nd^Sus^a^{n R}^.^F^l^e^t^c^h^e^r^.
⁴^J^on^So^hn,^Sm^ita^N^a^k^hooda^{, a}ⁿ^d^K^e^vⁱ^{n Ba}^um^e^r^{t, “}^M^aⁱ^ns^tre^a^m^ing^Clim^a^t^e^Chaⁿ^g^e^a^t^the^Multila^te^ra^{l D}^e^v^e^lopm^eⁿ^t
^Ban^k^s,”^W^o^r^l^{d Re}^s^our^c^e^s^Iⁿ^s^tit^ut^e^{, 20}^05.

and to help them increase energy access while lowering GHG emissions.⁵ At the Summit, the G8
and the so-called +5 countries (Brazil, China, India, Mexico, and South Africa) agreed on the
Gleneagles Plan of Action on Climate Change, Clean Energy, and Sustainable Development. The
World Bank was asked as part of that plan to work with other multilateral development banks
(MDBs) to, among other tasks, “make the best use of existing resources and financing
instruments and develop a framework for energy investment to accelerate the adoption of
technologies which enable cleaner, more efficient energy production and use.” In 2007, the Bank ⁶
began developing a “Strategic Framework on Climate Change and Development.”
Since January 2008, the United States has led efforts to create a $10 billion CTF, located at the
World Bank, to help fund deployment of clean technology to reduce GHG emissions in
developing economies, primarily large growing economies such as China and India. The
incremental carbon dioxide (CO²) emissions from China and India alone have accounted for an
estimated 62% of new global emissions from 2000 to 2006, and are projected to account for over ⁷
half of all future global emissions through 2030. Research suggests that under current conditions,
emerging market countries’ emissions will probably exceed those of developed countries by ⁸
2025. Without transformation in China, India and other emerging economies, it will be very
difficult to achieve a meaningful global reduction in GHG emissions.
According to the World Bank, potential sectors for CTF investments are in the power sector
(renewable energy, as well as increased efficiency in generation, transmission and distribution);
transportation (modal shifts to public transportation, improved fuel economy, and fuel switching);
and large scale adoption of energy efficient technologies in the industrial, commercial and ⁹
residential building sectors. While the costs of embracing clean technology may be prohibitive
for many poor and developing countries, agreement by developing countries to reduce their GHG
emissions is becoming increasingly central to any post-2012 agreement on global climate change ¹⁰
efforts. Many countries thus believe that the CTF would help engage the large emerging market ¹¹
countries, such as China and India, in the runup to the 2009 Copenhagen conference.
If funded, the CTF would invest in country-identified sector and program priorities that lead to
the “demonstration, deployment and transfer of low carbon technologies with a significant

⁵^Fo^{r m}^o^{re in}^f^o^rm^atioⁿ^oⁿ^th^{e UN}^{FCCC, see CRS Rep}^o^r^{t RL}³³⁸²⁶^,^C^lim^ate^C^h^a^nge^:^T^h^e^K^y^ot^{o Pr}^o^t^oc^ol,^Balⁱ
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^P^a^p^e^r^,^Th^{e Wo}^r^l^d^B^aⁿ^k^,^M^a^r^c^{h 27}^,²⁰⁰⁸^.
⁷^W^o^r^l^{d E}ⁿ^e^r^gy^O^u^tl^ook²⁰^07:^Fo^c^u^s^on^C^hⁱ^na^an^{d I}^ndi^a^{, I}ⁿ^te^rⁿ^a^tⁱ^ona^{l E}ⁿ^e^r^g^y^A^g^eⁿ^cy^{, 2007,}^p.⁵⁴^.^Se^e^a^l^s^o^C^R^S
^R^e^por^{t R}^L³²⁷²^1,^Green^h^o^u^s^{e Ga}^{s Emissio}ⁿ^s^{: Persp}^{ectives o}ⁿ^th^e^To^p²⁰^{Emitters a}ⁿ^d^Develo^p^e^d^V^e^rsu^{s Develo}^pⁱⁿ^g
^Natio^ns^,^b^y^L^a^r^r^y^P^a^r^k^er^an^d^Jo^hn^B^l^od^get^t^.
⁸^Davi^d^W^h^eel^{er an}^d^Keviⁿ^Ummel^,^“Aⁿ^o^t^h^e^{r In}^con^v^enⁱ^eⁿ^t^T^r^u^t^h^:^A^Carb^oⁿ^-In^t^eⁿ^sⁱ^v^{e S}^o^u^t^h^F^{aces E}ⁿ^vi^roⁿ^m^en^t^a^l
^Di^sast^er,^No^M^a^t^t^e^{r W}^h^at^t^h^{e No}^r^t^h^Do^es,^”^Cen^t^{er f}^o^{r G}^l^o^b^a^l^Devel^o^p^m^en^t^,^w^o^rkiⁿ^{g p}^a^p^e^{r Nu}^m^b^{er 1}³⁴^,^Decem^b^e^r
²⁰⁰^7.
⁹^T^h^e^C^l^e^aⁿ^T^e^c^hnolog^y^{Fund, T}^h^e^W^o^r^l^{d B}^a^nk^{, J}^u^ne^3,²⁰⁰⁸^.
¹⁰^T^h^e^fⁱ^r^s^{t c}^o^m^m^it^m^e^{nt pe}^rⁱ^od^of^the^K^y^{oto P}^r^ot^oc^{ol r}^uns^f^r^om²⁰⁰^8-²⁰¹²^{. G}^l^oba^{l c}^o^m^mⁱ^t^m^eⁿ^ts^ne^g^o^tia^te^d^un^de^r^the
^P^r^otoc^{ol w}^{ill ne}^e^d^t^o^be^re^vⁱ^site^d^f^o^{r subse}^que^nt^c^o^m^m^it^m^e^{nt pe}^rio^d^s.^F^o^{r m}^o^re^inf^o^rm^a^{tion, se}^e^{CRS Re}^port
^R^L³³⁸²^6,^C^lim^ate^C^h^an^ge^:^T^h^e^K^y^{oto Pr}^otoc^o^l^{, B}^a^li^"Ac^tⁱ^{on P}^l^aⁿ^,"^an^{d I}ⁿ^te^rⁿ^a^tio^nal^Ac^tio^ns^,^b^y^S^u^san^R.^F^l^et^ch^er
^an^d^L^a^rr^y^P^a^rk^er.
¹¹^Y^a^s^{uo F}^u^k^uda^{, “}^E^nv^ir^onm^eⁿ^{t a}ⁿ^{d C}^lim^a^t^e^C^h^aⁿ^g^e^,”^H^o^k^k^a^{ido T}^o^y^a^k^o^G^-^{8 Sum}^m^{it, J}^u^ly^{8, 20}^08.^A^t^the²⁰⁰⁹
^Co^p^e^nh^agen^clim^{ate co}ⁿ^f^eren^{ce t}^o^b^e^h^e^ld^b^e^tw^een^No^ve^m^b^{er 3}⁰^an^d¹¹^Decem^b^e^r,²⁰⁰⁹^,^t^h^{e p}^a^rti^e^{s o}^f^th^{e UNF}^CCC
^w^ill^m^eet^f^o^{r th}^{e last tim}^{e o}ⁿ^a^govern^m^eⁿ^t^{al level b}^e^f^o^{re th}^{e K}^y^o^t^o^clim^{ate a}^g^ree^m^en^{t exp}ⁱ^res.

potential for long term greenhouse gas emissions savings.”¹² The CTF would be “technology
neutral,” financing technologies ranging from solar thermal and wind power, to nuclear and
clean-coal. While the CTF would be administered by the World Bank, it is expected to co-finance
projects with bilateral donors, the regional development banks (African Development Bank,
Inter-American Development Bank, Asian Development Bank, and the European Bank for
Reconstruction and Development), and the private sector.
The costs to developing countries of switching to clean technologies without financial assistance
could be prohibitive. According to the International Energy Agency (IEA), an additional global
energy investment of $9.3 trillion would be needed between 2008 and 2030 to keep atmospheric ¹³
CO² levels below 450 parts per million (to keep global warming under 2 degrees Celsius). IEA
analysis suggests that to achieve this goal, low-carbon energy needs to account for 36% of the
global primary energy mix by 2030. According to IEA Executive Director, Nobuo Tanaka, to
achieve this outcome, “we would need concerted action from all major emitters. Our analysis
shows that [Organization for Economic Cooperation and Development] countries alone cannot ¹⁴
put the world onto a 450-ppm trajectory, even if they were to reduce their emissions to zero.”
U.S. policymakers therefore believe that the CTF may be a way to provide financial incentives to
developing countries to help defray the cost of energy technologies that are cleaner than
traditional coal use. Prior to any U.S. contributions to the new Fund, congressional authorization
and appropriations are required. Requests for authorization of the CTF and appropriations of $400
million are included in the FY2009 budget request. This funding would be additional to existing
U.S. appropriations to the World Bank’s low-income lending facility, the International
Development Association (IDA) and the Global Environment Facility (GEF).
The U.S. contributions to the CTF would help meet obligations under the United Nations
Framework Convention on Climate Change, in which developed countries pledged to provide
“new and additional” “financial resources, including for the transfer of technology, needed by the
developing country Parties...” (Art. 4.3) Proponents of the CTF argue that the fund would
enhance incentives to developing countries to mitigate GHG emissions and help secure their ¹⁵
commitments to abatement in a post-Kyoto international climate change agreement. Concerns
about the CTF, however, have been raised by policymakers and non-governmental organizations
(NGOs), primary of which is whether the CTF should fund coal-fired power plants.

The primary concern raised in Congress about the CTF involves the types of “clean” technologies
the World Bank may support. Several Members have questioned whether the CTF should be
“technology neutral,” thus allowing CTF resources to fund carbon-based investments. This was
the central debate during a June 5, 2008 House Financial Services Committee hearing on the CTF.

¹²^“^T^he^C^l^e^aⁿ^T^e^c^hnol^og^y^Fund,”^T^h^e^W^o^r^l^{d B}^a^nk^{, J}^une^3,²⁰^08.
¹³^A^v^oiding²^o^C^of^h^u^m^a^n-^induc^e^d^g^l^oba^{l w}^a^r^m^ing^is^aⁿ^a^g^g^r^es^sⁱ^ve^polic^y^g^o^a^l^c^h^am^pione^d^by^the^Eur^ope^aⁿ^Uⁿ^ioⁿ
^a^{nd a}ⁿ^u^m^b^e^r^of^othe^r^c^o^untrⁱ^e^s^a^nd^no^n-^g^o^v^e^rⁿ^m^e^nta^l^or^g^a^niz^a^tions^.
¹⁴^“^N^e^w^Ene^r^gy^Re^a^litie^s—^W^E^O^Ca^{lls f}^o^{r G}^l^oba^{l Ene}^r^gy^Re^v^o^{lution De}^spite^Ec^on^om^ic^Crisis,”^Inte^rna^tiona^l^Ene^r^g^y
^A^g^eⁿ^cy^{, N}^o^v^e^m^b^e^r^{12, 20}⁰⁸^.
¹⁵^S^{ee F}^l^et^ch^{er an}^d^P^a^rker,^o^p^.^ci^t^.

A central criticism of the CTF raised by environmental NGOs is that it could be used to promote
coal-based power generation options with only marginal reductions in GHG emissions. These
critics claim that supercritical and ultra supercritical coal plants—compared to the less efficient ¹⁶
class of subcritical plants—are not transformational. Additionally, these more efficient
technologies are increasingly the preferred choice in many developing country markets as coal
prices and equipment costs rise. If these plants were to be built by the private sector anyway, why
should they receive multilateral funding? Critics claim that these plants lock in intensive carbon
dioxide emissions for decades to come. They generally argue that renewable energy options—
with zero carbon dioxide emissions—are a better target for multilateral development agency
incentives.
However, many developing countries and multilateral development agencies are concerned that
renewable energy, such as concentrating solar power, wind, and biofuels, may not sufficiently
meet the growing demand for electricity in an affordable and reliable manner. Many developing
countries view renewable alternatives with skepticism, especially if they are not already widely
used in industrialized economies. Until these cleaner technologies are commercially deployed in
developed countries, potential recipients in developing countries will likely continue to prefer
more traditional coal-based options, even if the environmental consequences are more damaging.
An example helps to illustrate the debate noted above. The International Finance Corporation
(IFC) recently voted to help finance a 4,000 megawatt supercritical coal plant in Gujarat, India.
The IFC notes that the project would result in 70% fewer greenhouse gas emissions than typical
coal plants in India, and that it is the first project in India to use 800 megawatt supercritical
technology. Critics of the CTF note that projects like this still result in very significant CO²
emissions. According to one analyst, no carbon accounting framework is used in the financing
decision, and that using one would result in very competitive costs between coal and other zero-¹⁷
emission options such as concentrating solar power. He also argues that supercritical coal plants
have been built in India and that many more projects are under development. Thus, he believes
that CTF financing may not be critical to the development or initiation of this approach.
Some supporters note that the CTF could accelerate deployment of carbon capture and storage
(CCS), which enables the capture and underground storage of CO² emissions from fossil fuel
combustion plants. According to the World Bank, however, CCS is not a currently viable
technology, and thus is not eligible for CTF financing. Critics disagree however, about the ¹⁸
viability of CCS technology. According to the IEA, CCS in the power sector could account for ¹⁹
8%-10% of global GHG emissions reductions by 2050 while allowing CCS in the power sector
could enable coal-fired combustion to continue to provide reliable, dispatchable base-load power.
This is particularly true for China and India, the largest and third-largest coal users in the world,
respectively.

¹⁶^T^h^{e m}^o^{re e}^f^fⁱ^ci^en^t^su^p^e^rcri^tⁱ^cal^an^d^u^l^t^r^{a sup}^e^rcri^tⁱ^cal^p^l^ant^s^,^w^hⁱ^c^h^op^erat^{e at}^ab^ou^t³⁹^-⁴³^%^ef^fⁱ^ci^eⁿ^cy^co^m^p^ared^t^o
^34-^36%^f^o^r^s^ubc^rⁱ^tⁱ^c^a^l^un^its^,^of^f^e^r^only^m^ode^s^t^g^r^e^e^nhous^e^g^a^s^r^e^duc^tions^{. C}^a^r^b^oⁿ^di^ox^ide^e^m^is^sⁱ^ons^f^r^o^m^pow^e^r
^p^l^an^t^s^{are d}ⁱ^rect^l^y^p^r^o^p^o^r^tⁱ^oⁿ^a^l^t^o^effⁱ^ci^en^c^y^,^so^{a p}^l^an^t^goiⁿ^g^wⁱ^t^h^an¹⁸^{% ab}^so^l^u^t^eⁱⁿ^{crease i}ⁿ^ef^fⁱ^ci^eⁿ^cy^w^o^u^l^d
^pr^o^duc^e¹⁸^%^le^s^s^c^a^r^bon^di^ox^ide^.^T^h^e^s^e^a^r^e^the^hig^h^e^r^he^a^ting^v^a^lu^e⁽^H^H^V⁾^the^r^m^a^{l e}^f^fⁱ^cⁱ^eⁿ^cy^r^a^te^s^,^not^be^c^o^nf^us^e^d
^wⁱ^t^h^l^o^w^e^{r h}^eatⁱⁿ^{g val}^u^{e (L}^HV^{) eff}ⁱ^ci^en^ci^es.^S^ee^The^Futur^e^o^f^Co^al^{, MI}^T^,²⁰^07,^T^a^ble^3.1^,^p^.¹⁹^.
¹⁷^D^a^vⁱ^{d W}^h^e^e^l^e^r^{, “}^W^or^{ld B}^a^nk^Po^w^e^r^P^r^oje^c^t^s^:^C^r^os^s^r^oa^ds^on^R^e^ne^w^a^ble^Ene^r^gy^,”^C^e^nte^r^f^o^r^G^l^oba^{l D}^e^v^e^lopm^eⁿ^t,
^Ma^y^{5, 200}^8.
¹⁸^Se^e^C^R^S^R^e^por^{t R}^L³³⁸⁰¹^,^C^a^r^b^{on C}^apt^ur^e^a^nd^Se^q^u^e^s^tr^atio^{n (}^C^C^S⁾^{, by}^P^e^te^{r Folg}^e^r^.
¹⁹^“CO²^C^a^ptur^e^aⁿ^{d St}^or^a^g^e^:^A^key^c^a^r^{bon a}^b^a^t^e^m^eⁿ^{t opti}^oⁿ^,^”^Iⁿ^te^rⁿ^a^tio^na^{l Ene}^r^g^y^A^g^eⁿ^cy^s^s^o^cⁱ^a^{tion 2}⁰⁰⁸^.

There are, however, many disadvantages to CCS. First, it is unproven at commercial scale in the
power sector. To date, there is only one integrated, operating CCS coal-fired power plant,
Vattenfall’s 30MW Shwarze Pumpe plant in Germany. In addition, CCS is very expensive relative
to conventional coal-fired power, in large part due to the energy penalty, or reduction in efficiency
to power the capture technology. Integrated gasification combined cycle (IGCC) plants with CCS,
the most cost-effective application, is estimated to be 75%-100% more expensive than
conventional power today. CTF funding may speed deployment of CCS in developing countries.
On the other hand, developing economies may react negatively if they perceive that the rich
world is withholding CTF financing for needed investment in efficient fossil fueled power plants ²⁰
in favor of an unproven technology that the rich world itself is only tepidly embracing.

To date, several pieces of legislation have been introduced in the 110^th Congress that would
authorize U.S. participation in the CTF and begin appropriations on U.S. contributions to the
Fund. The most recent to be introduced is H.R. 7160, To authorize United States participation in,
and appropriations for the United States contribution to, an international clean technology fund,
and for other purposes, on September 28, 2008. This legislation would restrict the World Bank’s
use of U.S. funds for coal-intensive investments unless they incorporated CCS technology and
use ultra-supercritical coal technology. In addition, H.R. 7160 seeks to require the multilateral
development banks to implement a greenhouse gas accounting method. To date, the World Bank
has been resistant to introducing such measures due to what they argue are various technical and ²¹^th
political obstacles. No action has been taken on this legislation in the 110 Congress. It is ^th
expected that H.R. 7160 will be reintroduced in the 111 Congress, especially as international
negotiations proceed toward a deadline of the end of 2009 to agree on post-2012 actions to ²²
address climate change.
^Mar^tin^A^.^W^e^iss ^J^e^ffr^e^y^Lo^gaⁿ
^An^al^y^s^{t i}ⁿ^In^terⁿ^ation^a^{l T}^r^ade^an^{d Fin}^aⁿ^ce
^mw^ei^s^s^@^c^rs^.l^oc.g^ov^{, 7}^-⁵⁴⁰⁷

²⁰^For^r^e^por^ts^on^c^a^r^bon^c^a^p^tur^e^aⁿ^{d s}^e^que^s^t^r^a^tio^{n te}^c^h^nol^og^y^a^{nd p}^o^lic^y^is^s^u^e^s^{, s}^e^e^the^C^R^S^C^u^r^r^e^nt^L^e^gⁱ^s^l^a^tiv^e^I^s^s^u^e^s
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ⁱ^t^m^a^y^r^e^st^ri^ct^t^h^ei^{r access t}^o^W^o^rl^d^Ban^k^fⁱⁿ^aⁿ^cⁱⁿ^g.
²²^“^I^ntr^o^d^u^c^tioⁿ^of^Iⁿ^te^rⁿ^a^tio^na^{l C}^l^e^a^{n T}^e^c^hnolog^y^{Fund L}^e^gⁱ^s^l^a^tion^A^nnounc^e^d^,”^O^f^fⁱ^c^e^of^C^ong^r^e^s^s^w^o^m^aⁿ^G^w^eⁿ
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