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How to bring discussion about financial issues into the classroom

Ivor Beazley's picture
The 2008 financial crisis was a “wake up” call to many teachers in the United States and Canada. As families lost their homes and parents lost jobs, they began to appreciate the importance of kids leaving school with some knowledge of the world of finance – especially about how personal decisions are made about finance and how financial decisions taken by government directly affect their lives and future prospects. 

A study group from Moscow and five regions of Russia recently visited Canada and the US to learn more about initiatives in those two countries and to bring discussion about financial issues into the classroom – with the idea of turning today’s students into active and responsible citizens of the future, able to make well-informed personal financial decisions and to engage in discussions about public finances on behalf of themselves and their communities.

Appointing a gender equal cabinet is good for Canada – but not for the reason you think

Florence Kondylis's picture

Recently, Canada’s newly elected Prime Minister, Justin Trudeau, appointed a cabinet that is 50% female. Explaining the choice, Trudeau stated that it was important “to present to Canada a cabinet that looks like Canada” – and “because it’s 2015.”

The announcement has been greeted with considerable backlash in the press, with some news outlets going as far as to imply that promoting diversity is not good for governance. This view implies an either or – that appointing women and incorporating gender balance, while good for the country’s diversity, would undermine the quality of governance. One could probably name many male candidates who on paper look more accomplished than some of Trudeau’s appointees.

Natural Capital Accounting: Going beyond the numbers

Stig Johansson's picture
Guatemala. World Bank

Here are some facts that you might not know: Do these numbers just seem like bits of trivia? In fact, these are all important results that came out of natural capital accounting (NCA) – a system for generating data on natural resources, such as forests, energy and water, which are not included in traditional statistics. NCA follows standards approved by the United Nations to ensure trust, consistency and comparison across time and countries.
The results above are among the numerous NCA findings that are being generated every year, with support from a World Bank-led global partnership called Wealth Accounting and the Valuation of Ecosystem Services (WAVES). In response to the growing appetite for information on NCA, WAVES has set up a new Knowledge Center bringing together resources on this topic.

Long-term finance for infrastructure essential to ending poverty

Bertrand Badré's picture
A worker at a power substation in Kabul, Afghanistan. © Graham Crouch/World Bank

​Fifteen years from now, will you remember where you were when the UN General Assembly adopted the Sustainable Development Goals (SDGs)?

Friday, September 25, 2015 may not be one of those days that the general public will remark on, but it is a milestone in development history. The SDGs set a new and ambitious agenda that we at the World Bank Group, together with our partners, will work to achieve along with our own goals of ending poverty and boosting shared prosperity by 2030.

Sharing is scaring: Can shared corporate services save costs in the public sector?

Arturo Herrera Gutierrez's picture
Photo: Simone D. McCourtie / World Bank

In late June, we sent two of our bravest colleagues, Marta and Marcelo, on a daring mission into the Tundra, close to the Arctic Circle. Even though the temperature was in the mid-80s (mid-20s Celsius), you could feel the glacial breezes. Since our unit focuses on Latin America and the Caribbean, you might wonder what brought them so far north.

The team had arrived in Toronto, Ontario with a mission: to learn more about shared corporate services (SCS) and their potential application to save costs and improve government efficiency in other parts of the world.   

In the late 90s, reeling from a financial crisis, the provincial government of Ontario was faced with a daunting task: to cut a third of its administrative budget in one year. In other words, they had to do more with less. Over the next decade the government managed to save C$43 million in direct costs and C$227 million through efficiency gains. Their secret was an innovative solution borrowed from the private sector.

Lorne Turner: Remembering a city worker who made a difference

Dan Hoornweg's picture

Lorne Turner served as Manager of Performance Management for the City of Toronto.
People wandering through the labyrinth of booths of yet another UN urban conference in Nanjing (2008) or Rio de Janeiro (2010) may have stumbled across a friendly, unassuming man, looking somewhat out of place at the Global Cities Institute – Cities Alliance stand. These types of conferences were not the typical work venue for Lorne Turner, Toronto’s manager of city performance.
Lorne was a city practitioner, tasked with the professional, meaningful and honest monitoring of the progress of Toronto, alone and alongside other world cities. He firmly believed that all cities – in Ontario, Canada and around the world - succeed when working together, and that measuring this progress is absolutely critical. Lorne was a ‘details-guy’ who knew how the small brushstrokes blended together to paint a community, a country, and later in his life, he helped demonstrate how they could define urban life around the planet.
Lorne passed away last week, after a long battle with cancer. Lorne was in his role for almost 30 years (including Budget Director, North York, 1988-97).
Lorne’s passing is particularly poignant for city workers. Lorne was quiet and modest; he fit his professional accountant stereotype well. He was also highly effective. Last year, the global city indicator standard was published (ISO 37120). This standard is important for all cities and is anchored to Lorne’s perseverance, commitment and his ability to keep the City of Toronto actively engaged for the more than ten years it took to develop the idea. The idea and the standard owes much of its existence to Lorne.

Part of the #Youthbiz movement? Share your story!

Valerie Lorena's picture

Also available in: Français | العربية

A boat trip from Port Elizabeth to Kingstown, in the Caribbean country of Saint Vincent and the Grenadines, is a one-hour trip that locals take several times a day. It was during one of these journeys that the boat of Kamara Jerome, a young Vincentian fisherman, ran out of gas six miles from Bequia City in what is termed locally as the "Bequia Channel." While waiting for help with strong wind gusts and the sun on his head, the idea of developing a boat that would run with wind and solar energy was born. Soon after, the idea became a prototype; a boat using green technology was on the water making 20-year-old Jerome a winner of international innovation competitions and a role model to other Caribbean youth. 
In Mexico, young engineer Daniel Gomez runs a multimillion bio-diesel company originally conceived as a research project for his high school chemistry class. Gomez and his partners - Guillermo Colunga, Antonio Lopez, and Mauricio Pareja - founded SOLBEN (Solutions in bio-energy in Spanish) in their early twenties. 
Although Daniel and Kamara have different educational backgrounds, they do share one important skill, the ability to identify a problem, develop an innovative solution, and take it to the market. In other words, being an entrepreneur, an alternative to be economically active, that seems to work and not only for a few.

G7 recognizes need for deep emissions cuts. Now for action

Rachel Kyte's picture
Also available in: Español | Français

G7 meeting in Germany. Bundesregierung/Gottschalk

This weekend, the leaders of the G7 committed to a series of actions that mark their first serious recognition of the economic transformation that is ahead of us.
Collectively, they recognized the need to decarbonize the global economy, enshrining in economic cooperation what the scientists in the IPCC told us last year in their Fifth Assessment Report. They called for ambition at the Paris climate talks this year – not new, but they recognized that they, individually and collectively, need to be in the upper part of the ambition bracket and that that means at least a “transformation of the energy sector by 2050.”
They talked about the mobilization of capital for this transformation, as well as ending the increasingly profligate use of harmful fossil fuel subsidies. Recognizing the need for an orderly transition to low-carbon growth as quickly and as smoothly as possible, they took on some degree of leadership around the pledge to provide $100 billion in climate finance for developing countries from public and private sources before 2020. More on that in a moment.

Premier: Tax carbon, cut taxes on income and business for a more competitive environment

Christy Clark's picture

British Columbia Premier Christy Clark spoke at the World Bank Group about the effectiveness of her Canadian province's carbon tax and the role of subnational governments in setting policies that can address climate change.

"We’ve had a pure carbon tax for seven years in BC. It covers 72 percent of emissions in the province, so it is very broad. It is now at about 30 dollars a tonne. So we have seen it operating for a long time.

I don't know if we are unique in the world, but we are proud of the fact that we have taken 100 percent of the revenues that we have collected through the carbon tax, which is over 6 billion dollars, and we have invested that plus some in tax cuts.

Thinking globally: Local governments leading the way to a global climate solution

Thomas Kerr's picture
California wind power. Bryan Siders/Creative Commons

The Canadian Province of Ontario announced last month that it would join California and Quebec in linking their cap-and-trade programs to curb greenhouse gas emissions. The move was met with approval by carbon market watchers, as local governments showed how they could avoid the lengthy political battles sometimes faced by national governments preparing submissions to the United Nations Framework Convention on Climate Change.

At a time when governments are looking for ambition, could this sort of local government action be the start of something much bigger?

Last week, I attended the Navigating the American Carbon World (NACW) event in Los Angeles to explore whether the momentum we are seeing to price carbon is evident on the ground. I found a lot of local government leadership on climate change.