Shift in Energy Investment Climate May Strand Assets: Bamsey

Howard Bamsey, director-general of the Global Green Growth Institute, an international organization headquartered in Seoul, comments on clean energy investments and Warsaw climate talks in an interview Nov. 20.

Bamsey was in charge of negotiations over a successor to the Kyoto Protocol from 2006 through 2007, and is a former Australian special envoy on climate change.

On investment in clean energy:

“When it comes, the change will happen with a rush. If investors get the future wrong, many of their assets will be stranded. If you’re a one of the leaders in your economy, you must be hedging your bets.”

“If we can show that you can make money by investing in green growth, that will contribute to a change in direction of investment. The whole story is about changing the direction of investment.”

“Responding vigorously to climate change can be a pathway to prosperity; it won’t be so for all countries in all circumstances, but for some, if they choose investment strategies wisely, sustainable development can be an accelerator in lifting people out of poverty.”

On the atmosphere in the Warsaw talks:

“It’s not just more business-like; there seems to be a greater sense that even though divisions between parties are very wide, there is an almost universal sense of obligation to bridge them.”

On the issue of loss and damage for the effects of climate change:

‘Loss and damage is a difficult political question for the moment. I think it’s going to be hard to get past.’’

“I think that for some countries, acknowledgement is more important. If you see the whole issue as one of burden-sharing between developed and developing countries, we’ll never get there. Burden-sharing is valid, but it’s not the whole solution.”

To contact the reporter on this story: Alessandro Vitelli in Warsaw at avitelli1@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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