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Home » Clinton Global Initiative

Commitment Watch: $5 Billion for Wind Power

By Tom Watson on September 24, 20082 Comments

In the largest commitment of CGI, $5 billion has been earmarked to bring 3,500
megawatts of electricity to nearly 10 million people with the development in green energy assets over five years, primarily in India and China. Tulsi Tanti, the founder of Suzlon
Green Power, a closely held enterprise owned by India’s Tanti
family, made the announcement a few minutes ago in a press conference.

“The urgent global need
for clean energy compelled me to dramatically expand my family’s business
holdings,” said Tulsi R. Tanti, who is best known as the founder of the
wind-turbine company, Suzlon Energy Ltd., based in India. “Our flagship business
Suzlon Energy continues to focus on developing wind power solutions, offering
wind turbines to the global market.  On the other hand, we now commit to
developing and owning green power assets through Suzlon Green Power, which will
bring energy where it is needed most. Suzlon Green Power’s business model
will offer us an asset-based long term annuity income while mitigating the twin
challenges of global warming and climate change. It also adds greater vertical
integration to our holdings, building the value of our businesses in the
long-term.”

According to the announcement, Tanti’s efforts are
global, with a majority of Suzlon Green Power’s projects to be located in
India and China, two areas with burgeoning
energy needs. The company’s commitment also will foster sustainable
development and a cleaner, better future for our children by stimulating
socio-economic change through job-creation and improved infrastructure. It will
bring more electricity where it is desperately needed in developing regions,
and help move those regions toward energy security. The commitment also will
help several countries meet the requirements of the Kyoto protocol.

A few other commitments:

  • The
    Deutsche Bank Americas Foundation announced a commitment to finance
    emerging affordable private schools in Kenya and India. In partnership
    with NewGlobe Schools, Gray Ghost Ventures, and The Kellogg Foundation,
    the Bank is part of an $8 million commitment to develop schools in these
    regions, ultimately providing millions of children with high quality education.
  • Kiva.org, the
    person-to-person micro-lending website (which I profile in CauseWired), has received a donation of in-kind
    resources from Ernst & Young, the global professional services
    organization. As part of its commitment to entrepreneurship and corporate
    responsibility, Ernst & Young will mobilize its skilled professionals
    around the world to assist Kiva.org in increasing the transparency of its
    micro-lending process.
  • The Center for Financial Inclusion at ACCION
    International announced a ‘Campaign for Client Protection in
    Microfinance"  -a broad-based initiative to unite microfinance providers
    in commitment to the campaign standards for the appropriate treatment
    of low-income clients. Founding partners of the Campaign include Al
    Amana (Morocco), CGAP, Compartamos Banco (Mexico), Deutsche Bank,
    Freedom from Hunger, Grameen Foundation, Opportunity International, Pro
    Mujer and Women’s World Banking. Designed to maintain and extend the microfinance industry’s
    dedication to the welfare of its clients in a period of rapid growth,
    the campaign will promote a Microbanker’s Oath, akin to the Hippocratic
    Oath, articulating six core principles
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