1. Energy Week 2006 Clean Energy & Climate Change Plenary 7 March 2006
Corrado Clini
Director General
Ministry for the Environment and Territory ITALY

2. The THIRD ASSESSMENT REPORT ON CLIMATE CHANGE suggests that a global emissions reduction by 50%-60% should be reached in the timeframe , in order to meet the stabilization of CO2 concentration in the atmosphere at a safe level (550 ppmv);
In the “Kyoto System” the industrialised countries are committed to reduce their emissions by 5.2% in 2012;
Looking at the CO2 stabilization, Kyoto Protocol is the first step, a framework for testing programmes, rules, measures and market instruments to reduce the emissions.
The “Alternative Scenario” to the “Reference Scenario” in the World Energy Outlook 2004, based on the mandatory policies, regulations and voluntary agreements, already adopted or considered by the industrialised countries to improve energy efficiency and to reduce CO2 emissions, is consistent with the Kyoto system;
Nevertheless, it is not enough to drive the global extraordinary effort towards a “de-carbonized economy”, and towards the CO2 concentration within a safe range by the end of the century: in 2030 it would reduce the global emissions by 5%, and the OECD emissions by 16% in comparison with the 1990 levels.

3. The European gap towards Kyoto

4. Investment timeframe
The overall goal of stabilising CO2 concentration in atmosphere requires an extraordinary and global effort in terms of research and innovation in order to change the energy system and lower the “carbon intensity” of the global economy;
Investments in energy-related technologies between 2006 and 2012 are crucial to supply the growing energy demand: gap analysis between the goal of stabilising CO2 concentration and the different emission scenarios highlights that, between 2006 and 2015, the choice among different energy technologies will determine the future of global emissions;
It is clear that short-term investments to reach Kyoto target in 2012 could differ from the ones oriented to the technology transformation in the energy system, which will produce results in the medium term;
Industrialised countries should decide whether the technology options to be used for compliance with the Kyoto Protocol also imply “decarbonisation” objectives beyond They should decide whether to finance measures and technologies which could be obsolete after This apply both to domestic measures as well as to the flexible mechanisms of the Kyoto Protocol.

5. Stabilizing CO2 Base Case and “Gap” Technologies
Assumed Advances In
Fossil Fuels
Energy intensity
Nuclear
Renewables
Gap technologies
E.g. CCS
The “Gap”
Source: Jae Edmonds, PNNL/Univ MD

6. The key role of carbon finance in the long-term investments
Long-term investments to change the global energy system will be feasible with a clear long-term carbon price, in order to have the forward carbon value economically accounted today.
The task of newly-created “carbon finance” is to design the long-term perspective, beyond Kyoto.
The WB should work in order to develop the carbon finance not only as a tool for CERs aquisition in the “Kyoto system” but also as a permanent “infrastructure” for stabilising the carbon price in the global energy market beyond 2012.

7. The G8 commitment in the Gleneagles Plan of Action:
“We (the G8) will promote the continued development and commercialisation of renewable energy by: […] d) launching a Global Bioenergy Partnership to support wider, cost effective, biomass and biofuels deployment, particularly in developing countries where biomass use is prevalent, following the Rome International Workshop on Bioenergy”.
The GBEP will be officially launched during the Ministerial Segment of CSD14.