East Asia Pacific’s (EAP) strong economic performance over the past few decades has significantly benefited and empowered women in the region, bringing better health and education and greater access to economic opportunities. To celebrate International Women’s Day, we are featuring 12 women in the region who embody the advancements women have made in EAP, despite the many barriers that remain for them at work.
Surpassing all other developing regions, EAP’s female-to-male enrollment ratio for tertiary education is currently 1.2, with the ratio of secondary education access nearly equal for girls and boys. But
The first green bond issued by the World Bank 10 years ago created the blueprint for today’s US$500+ billion labeled bond market. This blog post looks at how green bonds changed investor and issuer behavior and how the same model can be applied to help achieve the Sustainable Development Goals.
The capital markets have evolved over the last 10 years from a market where investors knew - and cared - little about what their investments were supporting, to one where purpose matters more than ever.
The green bond market has grown from a market dominated by issuers like the World Bank, an international organization owned by 189 countries with the sole purpose of eradicating extreme poverty and boosting shared prosperity, to one that includes a broad range of issuers - from private companies and banks, to utilities and governments.
It is an unfortunate but fact of life that Indonesia often deals with the impacts of natural disasters. It was sadly evident again this week when I arrived in Jakarta to the unfolding disaster caused by the earthquake in Lombok, West Nusa Tenggara. My condolences go out to the families and friends of those who lost their lives.
While scientists are reluctant to say a specific natural disaster is caused by climate change, they say a changing climate is resulting in more extreme events around the world. That’s why at International Finance Corporation (IFC), the largest global organization working with the private sector in emerging markets, finding new avenues for climate financing is a key priority.
Green bonds offer a pathway. The world is witnessing a rapid growth in green bonds, dramatically increasing the flow of capital to green projects and bringing new financiers into the climate smart investment space.
Bus travel is one of the attributes that makes Fiji so unique, with its well-mannered passengers, vibrant colors, festive island music, and windows open wide to let the breeze in. Since the popularity of buses in Fiji is expected to continue for many years to come, Fijian authorities have begun to think about ways to transform the industry to make it more sustainable now and in the future.
Following its successful leadership role as president of the 2017 United Nations Climate Change Conference in Bonn, Germany, the Government of Fiji is continuing its efforts to champion low-emissions development across the Pacific region and beyond. One particularly compelling example is the government’s plan to scrap public transport buses and replace them with cleaner, more efficient fleet. The current fleet is obsolete and responsible for much of the country’s greenhouse gas emissions and air pollution. The World Bank supported the government through a preliminary study, financed by Japanese funds, QII-JIT.
After leading the production of a climate change Virtual Reality production in Fiji and returning it to communities, Tom Perry, the World Bank's Team Leader for Pacific Communications, shares his thoughts.
In the infrastructure domain, “price” is a prism with many façades.
An infrastructure economist sees price in graphic terms: the coordinates of a point where demand and supply curves intersect.
For governments, price relates to budget lines, as part of public spending to develop infrastructure networks.
Utility managers view price as a decision: the amount to charge for each unit of service in order to recover the costs of production and (possibly) earn a profit.
But for most people, price comes with simple question: how much is the tariff I have to pay for the service, and can I afford it?
Among the 29 countries and economies of the East Asia and Pacific region, one finds some of the world’s most successful education systems. Seven out of the top 10 highest average scorers on internationally comparable tests such as PISA and TIMSS are from the region, with Japan, Republic of Korea, Singapore, and Hong Kong (China) consistently among the best.
But, more significantly, one also finds that great performance is not limited to school systems in the region’s high-income countries. School systems in middle-income Vietnam and China (specifically the provinces of Beijing, Shanghai, Jiangsu, and Guangdong) score better than the average OECD country, despite having much lower GDP per capita. What is more, scores from both China and Vietnam show that poor students are not being left behind. Students from the second-lowest income quintile score better than the average OECD student, and even the very poorest test takers outscore students from some wealthy countries. As the graph below shows, however, other countries in the region have yet to achieve similar results.
In November 2017 at the COP23 climate change conference in Bonn, Germany, the World Bank – in partnership with the Fijian Government – launched its biggest foray yet into the world of 360-degree Virtual Reality (VR).
Our Home, Our People is a storytelling project that takes viewers to the heart of climate change in Fiji.
Within six weeks of going live, film has been viewed by more than 3,500 people at the COP23 event, more than 200,000 people on YouTube, 170,000 people via VeerVR, and has garnered significant global interest.
Here, the team behind the film provides an insight into how the project came about, some of the challenges of making the film in VR, and what the project meant to those involved.
People read about climate change every day and we are all familiar with it as a concept. While we understand that steps need to be taken to address the risks; its impact often feels harder to imagine. We assume that the impacts are something we will experience in the future.
But in the Pacific, the impacts are already being felt by communities. This came across clearly in our work on the Climate Vulnerability Assessment – Making Fiji Climate Resilient report, which the Fijian Government produced with the support of our team and the Global Facility for Disaster Reduction and Recovery (GFDRR), and which was launched at COP23.