This evaluation is the first of a series that seeks lessons from the World Bank Group's experience on how to carve out a sustainable growth path. The World Bank Group has never had an explicit corporate strategy on climate change against which evaluative assessments could be made. However, a premise of this evaluation series is that many of the climate-oriented policies and investments under discussion have close analogues in the past, and thus can be assessed, whether or not they were explicitly oriented to climate change mitigation. Two sets of win-win policies are perennial topics of discussion in the energy sector: reduction in subsidies and energy-efficiency policies, particularly those relating to end- user efficiency. This report looks at these, and at another apparently win-win topic: gas flaring. Flaring is interesting because of its magnitude, the links to pricing policy and to carbon finance, and the existence of the World Bank-led initiative to reduce flaring.