The global financial system has worsened since April 2008, as monetary conditions tightened further, and global macroeconomic, credit, market, liquidity, and emerging market risks increased, the International Monetary Fund argued. Economies with greater reliance on short-term flows or with leveraged banking systems are particularly vulnerable, the IMF explained.
Johnson Controls is the first private energy management company to join the Asian Development Bank in supporting the construction of new energy-efficient buildings in China, the ADB reported. Extending USD116.9 million in a partial credit guarantee program, ADB sees the need for China to improve on energy efficiency as it becomes the world’s second-largest energy consumer and one of the leading contributors to gas emissions. The program is part of ADB’s Energy Efficiency Initiative, which aims to provide at least a billion dollar annually to fund energy efficiency and clean energy projects.
With the help of the World Bank, Latin America contributes to reducing the adverse impacts of climate change. “Though Latin America only produces about six percent of global greenhouse gas emissions and just over 10 percent if deforestation is included, it is now suffering huge economic losses due to climate change,” said World Bank Vice President for Latin America and Caribbean Pamela Cox at a EU-Latin American forum in France. Recent World Bank climate change programs in the region include a USD501 million development policy loan to support the Mexican government’s policy agenda, a program addressing the impact of tropical glacier retreat in Bolivia, Peru, and Ecuador, and a water desalinization project using wind energy in St. Vincent and the Grenadines.