Access to energy is essential for economic development and poverty reduction in developing countries. The Energy for Development conference, hosted by the Dutch government in close cooperation with the World Business Council for Sustainable Development (WBCSD), the World Bank and UNDP, will address investment needs in the energy sector, barriers to investment and ways of overcoming them.
Energy is the key to economic development, poverty reduction and environmental sustainability.
By 2050, energy demand could double or triple as population rises and developing countries expand their economies and overcome poverty, according to the recently published WBCSD report ‘Facts & Trends to 2050: Energy and climate change’. Further, huge investments are needed in developing countries to enable energy production and distribution to underpin sustainable development.
The privatization and liberalization of the energy industries in developing countries have failed to attract enough investment, and energy markets have been unable to draw enough private sector money.
Instigating the investment needed will require new forms of public-private partnership involving the private sector, financial institutions, non-governmental organizations, knowledge institutes, and governments. It will also require the expansion of innovative financing mechanisms, such as micro-credits.
The three-day conference, which will take place from 12-14 December 2004 in Noordwijk aan Zee, The Netherlands, is a follow-up to the World Summit on Sustainable Development and aims to put energy more firmly on the development agenda and to explore the contributions that can be made by the various local and international stakeholders. Energy is regarded as essential for achieving the Millennium Development Goals, aimed at combating worldwide poverty.