BALI, 12 December 2007 — The Islamic Development Bank (IDB), the Muslim world’s premier multilateral financial institution, announced here plans to set up a new Clean Energy Fund to further expand sustainable energy development services in its 56 member countries in the Middle East, Africa, Asia, Europe and Latin America.
IDB’s President Dr. Ahmed Mohamed Ali signaled the bank’s intention to establish the Clean Energy Fund to capitalize on Kyoto Protocol’s Clean Development Mechanism (CDM) and to stimulate private sector participation in clean energy projects.
Dr. Ali, who held important talks here with the top management of Bahrain-based Middle East & Asia Capital Partners, made the announcement while addressing a global gathering of finance ministers and international development finance chiefs at the United Nations Climate Change Conference here.
Indonesia President Susilo Bambang Yudhoyono opened the gathering that addressed economic and financial implications of climate change.
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Presenting the IDB climate change agenda, Dr. Ali said: “IDB will assist its member countries in their efforts to improve energy efficiency and gradually adopt clean energy systems.
“IDB will work with its member countries to adapt and climate-proof their national development and poverty reduction plans, in the framework of the United Nations Millennium Development Goals (MDGs) and beyond.”
Dr. Ali also underscored the importance of developing new technologies such as carbon dioxide capture and storage (CCS). In this context, he commended Saudi Arabia’s leadership role in establishing a new clean energy research and development fund, in partnership with Kuwait, Qatar and the United Arab Emirates.
Dr. Ali firmly believes this new research and development fund offers a unique opportunity for developing clean energy-focused partnerships between the concerned GCC States and IDB.
Mumtaz Khan, CEO of Middle East and Asia Capital Partners, said: “We are extremely pleased at the prospects of collaborating with the IDB. We stand ready to put our expertise in private equity investment in clean energy along with IDB, an institution that has always been at the forefront of international efforts directed toward addressing the important and pressing developmental challenges facing humanity. Securing clean renewable energy is one global challenge that will be with us throughout the 21st century.”
