IN view of the ominous signs emanating from the increasing number of serious natural disasters which are linked to global warming and pollution, the need for adopting green technology in order to produce clean energy is becoming an imperative.

To a large extent, the response to the use of green technology has been positive and the momentum is increasing even though the pace of development may not be satisfactory.

However, what is encouraging is that the vast majority of countries accept that the need to move in this direction is a major long term development priority.

UNEP Executive Director, Achim Steiner pointed out that business, in the broadest sense, is looking long and hard to governments for more forward-looking and imaginative responses, an approach which emerged last month in Nagoya, Japan, at the meeting on the Convention on Biological Diversity, at which an historic new protocol was agreed on, setting ground rules for improving access to, and the equitable sharing of, the world’s genetic resources.

“An increasing number of banks and pension funds see rising risks to their investments from the loss of ecosystems, such as forests and wetlands, and the multi-trillion dollar services they produce,” Mr. Steiner wrote.

“And a rising number now see the disruption to food supplies, supply chains and other challenges linked with natural resource losses as a bigger threat than that from international terrorism,” he asserted.

Some $155B was invested in 2008 in clean energy companies and projects worldwide, not including large hydro, a new report launched recently says.

Of this, $13.5B of new private investment went into companies developing and scaling-up new technologies alongside $117B of investment in renewable energy projects from geothermal and wind to solar and biofuels.

The 2008 investment is more than a four-fold increase since 2004, according to Global Trends in Sustainable Energy Investment 2009, prepared for the UN Environment Programme’s (UNEP) Sustainable Energy Finance Initiative by global information provider New Energy Finance.

Extremely difficult financial market conditions prevailed during 2008 as a result of the global economic crisis.

Nevertheless, investment in clean energy topped 2007’s record investments by 5%, in a large part, as a result of China, Brazil and other emerging economies.

Of the $155B, $105B was spent directly developing 40 GW of power generating capacity from wind, solar, small-hydro, biomass and geothermal sources. (Source:UNEP).
On this note, it was heartening to learn of the Guyana Bank for Trade and Industry (GBTI) lending scheme to promote and support the development of green technology.

The bank launched its Green Loans scheme for items and projects aimed at reducing energy consumption and greenhouse gas emissions. But the customer must satisfy the bank that the purpose of the loan is low-carbon driven.

Financing under the Green Loans scheme will be available for solar energy projects, water treatment plants, water filters, hybrid motor vehicles, energy saving appliances, solar panels, radios, lights, fans, flashlights, chargers, camping lamps, portable solar mobile device chargers, laptops, air filters, wind-powered projects, hand-powered machines, and low-carbon economic investments like high-end fruits and vegetables and aquaculture.

According to the bank, borrowers will enjoy competitive interest rates, calculated, using the reducing balance method, fast approvals, 25 percent discount on lending services fees, a one to six month moratorium on installment payments where applicable.

The bank said there will be no late payment fees and no prepayment penalties.

This is a wonderful initiative by the bank and will complement our Low Carbon Development Strategy (LCDS) which was spearheaded by President Jagdeo and which has gained accolades at the international arena.

This venture is also another fine example of collaboration between government and the private sector and it would serve this country well if other lending institutions could implement similar green loan schemes.