Hilmar Þór a keynote speaker during an international conference in Lithuania
On April 4 Dr. Hilmar Þór Hilmarsson Professor at the School of Business and Science University of Akureyri was a keynote speaker in an international conference in Lithuania. The conference was entitled: the 3rd International Scientific Conference on Innovative (Eco-) Technology, Entrepreneurship and Regional Development. Hilmar’s presentation was entitled International Financial Institutions: How Can They Contribute to the Transition to Clean Energy? See the website of Kaunas University of Applied Sciences and the conference agenda.
During his presentation Hilmar discussed how International financial institutions (IFIs), including the World Bank Group and regional development banks, can play a key role in promoting the use of clean energy sources by facilitating clean energy investment in developing and emerging markets. He discussed those challenges, mainly using geothermal energy projects as examples, but also by providing examples of large hydropower projects to illustrate how the funding and risk mitigation instruments of IFIs, as well as national agencies such as export credit agencies (ECA)s, have been used to mobilize funds in difficult investment environments. Dr. Hilmarsson also discussed new recently established IFIs headquartered in China, i.e. the Asian Infrastructure Investment Bank and the New Development Bank – BRICS. The global financial architecture is changing as major emerging market countries, including Brazil, Russia, India, China and South Africa are taking a lead competing with the old Bretton Woods institutions, the World Bank Group and the International Monetary Fund. It is likely that the New Development Bank will compete with the World Bank Group and the Asian Infrastructure Investment Bank will compete with the Asian Development Bank.
One April 5. Hilmar introduced his new book that was published in the US this fall entitled: International Financial Institutions, Climate Change and the Urgency to Facilitate Clean Energy Investment in Developing and Emerging Market Economies.
Dr. Hilmarsson wrote the book mostly while a Visiting Professor at Cornell University. As the book emphasizes, climate change is perhaps among the most serious challenges that humankind has ever faced and perhaps the greatest market failure the world has ever seen. At the same time, clean unutilized energy resources around the world are available that could help remedy climate and environmental problems while also improving people’s lives. It is likely that most of the increased demand for energy in the future will be in the developing and emerging world. This is also where most unutilized clean energy sources are located. The challenge of climate change requires strong comprehensive and firm action from the international community, including international financial institutions. Clean energy projects tend to be large, capital intensive and long term. They require long term commitment from all the players involved as well as mutual trust, see:
The book is also available on Amazon, see www.amazon.com/Hilmar-Thor-Hilmarsson/e/B00OX0382K