e gas emissions under the Kyoto Protocol. Power generation currently accounts for 38% of total energy- related CO2 emissions in the OECD countries and 40% worldwide. Measures to reduce these emissions will require increased investment in power generation - in more efficient fossil-fuel plants, in nuclear plants, or in renewables-based technologies. Carbon capture and storage may also become a cost-effective option in the medium to long term, though this technology has not yet been proved on a large scale. More investment in upgrading transmission and distribution networks, to reduce losses and therefore the need to generate power, might be a more cost-effective response in some cases. In general, a clear and stable regulatory framework, which gives investors adequate warning of a tightening of environmental regulations, is needed to give investors confidence that current capital outlays will be able to yield a satisfactory return. Environmental regulations may also make it more difficult to obtain approval to build new generating plant and high-tension transmission lines. The absence of transparent and smooth approval procedures - whether to use a particular technology or to site a new generation plant or network at a particular location - continues to be a serious barrier to investment in many OECD countries. The so-called "not in my back yard" (NIMBY) syndrome was a primary cause of the California power crisis in 2001. The syndrome is expected to become an increasingly serious obstacle to new investment in most parts of the world. Access to capital Financing all the investment that will be needed to meet rising demand is a major challenge for the electricity supply industry, and a key source of uncertainty about the prospects for installing electricity infrastructure, especially in developing countries. Their investment needs will increase rapidly in the coming decades. Some developing regions, Africa and India will struggle to mobilise the amounts of capital required. Investment in electricity infrastructure i