Syndicate content

Latin America & Caribbean

Breaking down the barriers to mobilizing sustainable investment

Ceyla Pazarbasioglu's picture
Closing Plenary of the Investor Forum. © World Bank

“Private capital is often an important source of sustainable finance. Public finance alone may not be sufficient to meet the demands for sustainable finance as the global economy continues to grow and poses increasing burdens on our resources and ecosystems. Mobilizing private investment in areas such as sustainable infrastructure, sustainable technologies and business model innovations, among others, can deliver substantive environmental, social, and economic benefits.”

This summary from the G20’s Sustainable Finance Synthesis Report was at the heart of the discussion at the Investor Forum, which was held on the sidelines of the G20 Summit in Buenos Aires in November. The event – hosted by the World Bank and the Government of Argentina – brought together investors holding over $20 trillion of assets as well as stakeholders and representatives from G20 governments. The goal was to identify steps for boosting long-term, sustainable, private-sector investments that tackle development challenges and promote economic growth in parts of the world that need it most.

Accelerated remittances growth to low- and middle-income countries in 2018

Dilip Ratha's picture
On the back of stronger growth in remittance-sending economies, remittance flows to low- and middle-income countries are expected to reach a new record of $528 billion in 2018, an increase of 10.8 percent from last year, according to the World Bank’s Migration and Development Brief released today.
 

Think behaviorally to boost impact

Carolina Sánchez-Páramo's picture
In Guatemala, Program Leader Marco Hernandez and his team tested behaviorally informed messages in letters to non-compliant taxpayers. © World Bank
In Guatemala, Program Leader Marco Hernandez and his team tested behaviorally informed messages in letters to non-compliant taxpayers. © World Bank
Behavioral science can provide creative solutions to difficult challenges, often at low cost. Behaviorally informed policy emphasizes the importance of context for decision making and behavior, paying attention to the social, psychological, and economic factors that affect what people think and do.

Since the 2015 World Development Report on Mind, Society, and Behavior, behavioral science approaches have been spreading across the World Bank Group’s work. Several staffers recently gave “lightning talks” about how they’re applying behavioral science to seemingly intractable problems that matter to all of us. Here are a few takeaways from the speakers who offered important lessons on incorporating human behavior into program design:

The ongoing impact of ‘nudging’ people to pay their taxes

Oscar Calvo-González's picture
© Maria Fleischmann/World Bank
© Maria Fleischmann/World Bank

Sustainability is the holy grail of development. There are many interventions that yield positive results in the short term but somehow fail to be sustained over time. This is why the experience in Guatemala that we are about to describe is worth paying attention to. In short, it shows that behavioral insights can lead to lasting change.

It all began in 2012 in the United Kingdom, with simple changes in the reminder letters sent to taxpayers that were late in their income tax payment. The changes were very successful, inducing payments of 4.9 million pounds (around $6.5 million) in a sample of almost 120,000 delinquent taxpayers, which would not have been raised without the intervention. The then-nascent institution called the "Behavioral Insights Team" (BIT) became known around the world with this effective and very low-cost intervention that was based on modifying the messages of the letters sent to delinquent taxpayers. The message that was most effective said: "Nine out of ten people in the U.K. pay their taxes on time. You are currently in the very small minority of people who have not paid us yet." Behavioral science experts have been able to show that telling people what most people do, especially when it comes to positive behavior, is a good technique to change behavior.

Accessibility and Inclusion: Two Key Factors for Disabled Individuals

Sofía Guerrero Gámez's picture
 dos aspectos clave para las personas con discapacidad

Globally, over one billion people – 15% of the population – live with some form of disability,  according to the World Health Organization’s World Report on Disabilities. Beyond their physical, mental or sensory impairments, people with disabilities face barriers for inclusion in different aspects of life. They tend to have fewer socioeconomic opportunities, more limited access to education and higher poverty rates. Stigma and discrimination are sometimes the main barrier to their full, equal participation. How can this situation be addressed?

A Caribbean crystal ball: What can experience from Caribbean islands tell us about investing in climate resilience?

Kristalina Georgieva's picture
A man walks amid destruction on a street in Roseau on the Caribbean island of Dominica following passage of Hurricane Maria. © CEDRICK ISHAM CALVADOS/AFP/Getty Images
A man walks amid destruction on a street in Roseau on the Caribbean island of Dominica following passage of Hurricane Maria. © CEDRICK ISHAM CALVADOS/AFP/Getty Images

In the Caribbean, people are already living in the future. It is world where climate change can seriously affect economic growth, government decisions and people’s jobs and lives. 
 
The recent report of the Intergovernmental Panel on Climate Change (IPCC) gave a stark warning of what happens if the world goes beyond the target of a 1.5 degree increase in temperature. At 2.0 degrees, we will see far worse droughts, floods, extreme heat and poverty for hundreds of millions of people. 

Today, climate change is intensifying pressure on communities and ecosystems all over the world, but the Caribbean countries are facing quite unique challenges. 
 

Trains to the future… and past – history and archaeology in underground transport systems

Barbara Minguez Garcia's picture


Today we are creating better, faster, more comfortable, and secure transport systems for our smarter, resilient, more inclusive, and competitive cities. At the same time, we need to ensure the preservation of the cultural values and the heritage, which form the unique identity of every city. This will only be possible if we establish a balance between the past, the present, and the future – by allowing new developments, allowing time for research and study, and allowing space to share the knowledge.

Medellin Lab 2.0: Sharing knowledge on urban transformation

Philip E. Karp's picture
 


Medellin represents a remarkable story of urban transformation. 
 
At one point, it was considered one of the most dangerous cities in the world. From 1990 to 1993, more than 6,000 people were murdered annually.  Drive-by shootings were regular and indiscriminate, stemming from warfare between gang lords, drug criminals, and para-military groups.  The need for change was urgent and led to radical urban experimentation.
 
The city’s political and business leaders recognized that Medellín’s security issues could not be dealt with through policy measures alone. They initiated a series of radical programs to reshape the social fabric of the city’s neighborhoods and to mobilize the poor. 
 
City planners began addressing the problem of endemic violence and inequity through the design of public spaces, transit infrastructure and urban interventions into marginalized neighborhoods.  Key to their approach was a commitment to making the public realm a truly shared space, and a faith that they could transform Medellín’s public spaces from sites of segregation and warfare into spaces where communities would come together. 

Want successful urban transport mega-projects? Here are seven things you should keep in mind

Bianca Bianchi Alves's picture


In 2002, Sao Paulo’s embarked in one of the most transformative transport projects of the decade: the construction of Metro Line 4. The new line had big ambitions: it was meant to significantly improve the commuting experience, better connect the south and western regions of the Sao Paulo Metropolitan Region (SPMR) to the center, change the metro system from a radial to a flexible network, and interconnect all transport modes, including buses, suburban trains (CPTM), bicycles, as well as existing and future metro lines.

Line 4 was also the first metro project in Brazil to be designed as a Public-Private Partnership, whereby operation and maintenance (O&M) was concessioned to a private company for 30 years. The project was segmented into 2 construction phases, both of which were technically and financially supported by the World Bank from 2002.

When finished, Metro Line 4 will feature a total of 11 stations along a 14.4-km alignment, 29 trains in operation, four integrated bus terminals, and one dedicated train yard. It will carry nearly 1 million passengers per day. Since the opening of the first segment in 2010, the line has experienced high passenger traffic and allowed for a significant reduction in journey times. In 2012, Line 4 even featured among the 100 most innovative infrastructure projects in the world.

A new station was inaugurated just a few weeks ago, and the line is now just one station away from completion. Once the whole project is operational by 2020, aha resident of Vila Sonia in the western part of the city will need only 20 minutes to reach Luz station at the opposite side of the city, compared to one hour in 2002.Today they can already reach it in 32 minutes!

Now that the Line 4 odyssey has almost concluded, it can teach us a number of valuable lessons about what it takes to implement such complex infrastructure projects in a dense urban area like Sao Paulo.

Pages