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On rhino horns, banking nature and climate hope

Muthukumara Mani's picture
It is not often that as an economist, you find yourself surrounded by creative artists! I found myself in such a situation recently when I was invited to be a panelist for the Dominican Republic Environmental Film Festival. It presented me with an opportunity to witness firsthand how the issues of environment and climate change are perceived and interpreted in the community of artists and filmmakers.

The festival criteria read that “by screening a diverse selection of high quality films that deal with pressing issues, and by organizing discussion panels with environmental experts, filmmakers and other stakeholders, the Festival seeks to promote dialogue and inspire Dominican viewers to adopt practices that will ensure the country’s environmental sustainability and health.” For a small Caribbean nation to take these issues seriously and attempt to educate its people using cinema was indeed commendable.
Gambling on Extinction, directed by Jakob Kneser

What I witnessed on landing in Santo Domingo was truly remarkable. There were filmmakers from all over the world, but also organizers of similar festivals from other countries. That is when I realized that environmental film festivals have now become a global movement with the intention of informing, influencing, and galvanizing people on critical environmental issues. While the first “environmental” films were produced back in the 1960s when the global environmental movement was in its infancy, there are now 30 or more international environmental film festivals held all over the world attracting hundreds of films and thousands of people. They cover issues such as clean water, sanitation, forests, biodiversity, sustainable consumption and climate change. Even more remarkable, most of these short films or documentaries are often produced on a shoe-string budget, but with an enormous degree of passion and perseverance to get the message across.  What really impressed me was that although they dealt with critical issues facing us today, in most cases the messages were of hope and optimism!

I want to share with you some of the films that I watched:

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.

Marching forward: China is creating the world’s largest market-based carbon pricing system

Vikram Widge's picture
China – the world largest emitter of greenhouse gases – is implementing a national carbon market in 2017

During his visit to Washington last week, China’s President Xi Jinping confirmed that the world’s largest greenhouse gas emitter, which has pledged to reduce its carbon intensity and reach a peak of overall emissions by 2030, will use a cap-and-trade market approach to help realize this. 
China already has 7 pilot markets in cities and provinces in place that cover 1 billion tons of greenhouse gas emissions annually. Under the national scheme, now to go live in 2017, this could increase to 4 billion tons according to Chinese researchers - making it the world’s largest national emissions trading system.

It’s an exciting step and demonstration of China’s commitment to achieve its low carbon goals. 

Faster track to better carbon prices

Grzegorz Peszko's picture
Carbon pricing instruments implemented or scheduled for implementation,
with sectoral coverage and GHG emissions covered.

​Many of my compatriots in Poland, where over 90 percent of power generation comes from burning coal, are concerned that the EU climate policy is a risky outlier.

​They worry that the EU Emissions Trading System may expose domestic industry to unfair competitition and cause companies to move production to countries where emission costs are lower, something called “leakage”.

The two reports recently released by the World Bank may change this perception.

Putting a price on carbon, one jurisdiction at a time

Thomas Kerr's picture
CPLC Design Meeting at World Bank Group Headquarters
Credits: Max Thabiso Edkins

This week, the World Bank Group released the latest version of our annual State and Trends of Carbon Pricing report. It reports that today,39 nations and 23 cities, states or regions are using a carbon price.

​This represents the equivalent of about 7 billion tons of carbon dioxide, or 12 percent of annual global greenhouse gas emissions.

East Asia’s challenge: ensuring that growth helps poor

Axel van Trotsenburg's picture

Unprecedented economic growth in the last three decades propelled East Asia into an economic powerhouse responsible for a quarter of the world’s economy.

Hundreds of millions of people across the region, including in China, Indonesia, Malaysia, Thailand and Vietnam, lifted themselves out of extreme poverty and enjoyed greater prosperity, largely because of more labor-intensive and inclusive growth.

The success didn’t come without challenges. As of last year, 100 million people in East Asia still live on $1.25 a day. About 260 million still live on $2 a day or less, and they could fall back into poverty if the global economy takes a turn for the worse or if they face health, food and other shocks at home. Their uncertain future shows the increasing inequality of East Asia’s galloping growth.

In India, the great — yet unexplored — potential of inland water transportation

Shivika Singh's picture
Most of us attendees were novices in the area of inland water transportation in India and were curious to know what Arnab Bandyopadhay, Senior Transport Engineer at the World Bank’s India country office would say.

Indian waterways
Indian waterways. Photo credit: World Bank

Emissions trading in China: Early lessons from low-carbon pilots

Lasse Ringius's picture


A local emissions exchange in China. Lasse Ringius/IFC
A local emissions exchange in China. Photo: Lasse Ringius/IFC


China, the biggest source of CO2 emissions globally, accounts for more than 27 percent of the world's emissions. China is the first developing country to control CO2 emissions through a cap-and-trade system. Once a national carbon market is established, which could be as early as 2017, China will overtake the European Union (EU) to become the biggest carbon market in the world. The Chinese market will significantly alter the balance of power in global carbon markets in the mid-term. Significant challenges remain, and the IFC, a member of the World Bank Group, is helping China to overcome them with a project in Shenzhen that addresses key barriers to carbon trading.

Fundamentals of Emissions Markets

Once a liquid carbon market has been created, trading will mostly happen via forward and futures contracts. These instruments help companies to protect themselves against volatile prices and to hedge their carbon position. In the EU, exchange platforms emerged as one of the main mechanisms aimed at simplifying transactions, reducing risk and facilitating transparent pricing. As trading platforms, exchanges can facilitate price discovery and offer hedging products.

The financial sector and financial institutions (FI) play a fundamentally important role in an emissions trading system. It is to be expected that most companies in China will trade with the help of intermediaries; only large emitters will trade directly at an exchange. Thus, FIs will be in a position to offer trading-related services, as well as advisory products, to clients subject to mandatory CO2 regulation.

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.

When China met Africa

Tehmina S. Khan's picture
China’s expanding presence in Sub-Saharan Africa has been a major catalyst for growth in the region. Contrary to widespread opinion, its engagement covers all aspects of development. Stronger domestic policies will help countries in the region increase the gains from this growing partnership.