China is shifting its focus away from urban expansion toward regional revitalization and urban regeneration. Chongqing, a megacity in southwestern China, is exploring ways to regenerate urban growth and build resilient, livable, and sustainable communities.
What are Chongqing's plans? How will they affect the lives of the city's residents? Watch a video as World Bank Senior Director Ede Ijjasz-Vasquez (@Ede_WBG) and Deputy Director Zhou Tao from the Chongqing Municipal Development and Reform Commission discuss urban regeneration.
A few years ago, this would have seemed a strange question, as debt management and climate policy have traditionally been regarded as unrelated fields. But at a workshop at the annual Debt Management Forum in Vienna on May 22, 2017, debt managers from 50 developing countries discussed the role of emerging debt instruments such as green bonds and blue bonds, in raising capital for climate-friendly projects that range from reforestation to renewable energy.
While green and blue bonds resemble more traditional debt instruments in terms of structure and returns, they represent a novel approach to climate finance. Created just ten years ago, the total value of green bonds has grown at a spectacular pace, reaching US$82.6 billion in 2016. By the end of 2017, the total value of green bonds will likely exceed US$100 billion.
China has performed well above the global average, shined as the regional leader in East Asia, matched, if not outperformed, OCED countries in many dimensions, many countries with much lower investments and capacity have scored higher on renewable energy indicators.
Migrants represent 15% of Malaysia’s workforce, making the country home to the fourth largest number of migrants in the East Asia Pacific region. The migrant population is diverse, made up of workers from Indonesia, Bangladesh, Nepal, Myanmar, Vietnam, China and India, among many other countries.
Places with cold climates need access to a reliable and efficient heat supply for the health of their population. But in developing countries, the majority of rural and peri-urban households do not have access to centralized heating or gas networks. Instead, they use traditional heating stoves that use solid fuels like coal, wood, and dung for heating. These stoves are often inefficient (with thermal efficiency as low as 25%-40% compared to 70% or above for efficient stoves) and emit large amounts of pollutants (e.g., CO and PM2.5), causing indoor and outdoor air pollution with negative health and environmental impacts.
Today, we celebrate the International Day for Monuments and Sites. This year, the day focuses on Cultural Heritage and Sustainable Tourism, which underlines the important linkage between culture and cities: Culture, identity, and a people-centered approach are central to building the urban future we want and ensuring sustainable urban development.
The recently-launched UNESCO Global Report on Culture for Sustainable Urban Development titled Culture: Urban Future has brought to the forefront of the global discussion the critical role that culture should play in achieving sustainable urbanization, especially over the coming years when one billion people are expected to move to cities by 2030. Culture does not necessarily come in the list of Top 10 issues for sustainable urban development, but it is.
Culture is an essential component of the safe, inclusive, resilient and sustainable urban settlements everybody wants to live in. Culture should be at the core of new approaches for people-centered cities, quality urban environments and integrated policy-making.
Specifically, culture contributes to urban development in four aspects. All of them linked to poverty eradication and shared prosperity in a sustainable manner:
Over the past three decades, China’s unprecedented pace of urbanization has allowed more than 260 million migrants to move from agriculture to more productive activities. This has helped 500 million people escape poverty and for China to grow at an average 10 percent a year for three consecutive decades. At the same time, between 2000 and 2014, weather-related disasters caused more than RMB 4.645 trillion ($749 billion) in damages.
There is strong evidence that climate change is altering the profile of hazards. The observed frequency and severity of extremely heavy rain storms since the 1950s in China have significantly increased and future climate scenarios suggest that interannual variability in rainfall may increase further, aggravating the risk of flooding and as well as severe lack of water.
Over the past two decades, the city of Lishui in Zhejiang Province of China suffered from devastating floods, landslides, as well as heat waves. Today, the over 2 million people of Lishui have a lot to be proud of. Their city is recognized as China’s “top ecological, picturesque paradise for healthy life and home of longevity”. This is the result of close attention from city and provincial officials in understanding the root causes of the problems caused by the changing climate. This has been followed by inclusive planning, design and implementation of technically sound projects that are in harmony with the rivers flowing through the city in concert with the surrounding hilly terrain’s natural and city-wide storm water drainage systems.
Just two years ago, Ghana was experiencing unstable commodity prices and a deteriorating macroeconomic situation. Yet, through a unique combination of World Bank guarantees nearly $8 billion in private investment was mobilized for the Sankofa Gas Project—the biggest foreign direct investment in Ghana’s history. The transformational project helped address serious energy shortages and put the country on a path to economic growth.
This is just one example illustrating how risk mitigation products play out in practice to encourage private sector investment and improve people’s lives.
In 1950, the average working-age person in the world had almost three years of education, but in East Asia and Pacific (EAP), the average person had less than half that amount. Around this time, countries in the EAP region put themselves on a path that focused on growth driven by human capital. They made significant and steady investments in schooling to close the educational attainment gap with the rest of the world. While improving their school systems, they also put their human capital to work in labor markets. As a result, economic growth has been stellar: for four decades EAP has grown at roughly twice the pace of the global average. What is more, no slowdown is in sight for rising prosperity.
High economic growth and strong human capital accumulation are deeply intertwined. In a recent paper, Daron Acemoglu and David Autor explore the way skills and labor markets interact: Human capital is the central determinant of economic growth and is the main—and very likely the only—means to achieve shared growth when technology is changing quickly and raising the demand for skills. Skills promote productivity and growth, but if there are not enough skilled workers, growth soon chokes off. If, by contrast, skills are abundant and average skill-levels keep rising, technological change can drive productivity and growth without stoking inequality.