Today, over 80 million tons of CO2 will be emitted from economies around the world. Tomorrow will be the same, as will the day after that. The emitted amounts of CO2 will likely stay in the atmosphere for hundreds, if not thousands of years, further compounding the challenges in reversing the current and expected effects of climate change.
This past December, in Paris, leaders of 195 nations of the world agreed that this trend must be reversed, signaling a historic turning point in the global fight against climate change. The Paris Agreement ratified a global consensus to limit the global average temperature rise to ‘well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.’ Developing nations were at the forefront of this agreement, with almost every one of them setting carbon reduction goals. While the public sector will play a major role in helping achieve the ambitious targets, the sheer volume of investment required to support low-carbon energy, transportation, and agriculture projects throughout the developing world leaves a gap of hundreds of billions of dollars that only the private sector is in a position to fill.
This is Morocco’s Noor 1 concentrated solar power plant, the first phase of what will eventually be the largest concentrated solar power plant in the world. It is an impressive sight—visible even from space–and it holds the promise of supplying over 500 megawatts of power to over a million Moroccans by 2018. It also embodies the power of well-placed concessional financing to stimulate climate action. Low cost, long term financing totaling $435 million provided by the Climate Investment Funds (CIF) has served as a spark to attract the public and private investments needed to build this massive facility, and it is just one example of how the
- annual report
- solar energy
- sustainable forest management
- climate-smart investments
- climate resilience
- Sustainable Development
- climate investment funds
- climate finance
- renewable energy
- Climate Change
- Europe and Central Asia
- Middle East and North Africa
- Latin America & Caribbean
I just returned to Vietnam after attending the World Bank’s first-ever , a series of events that brought together city leaders from across Asia and beyond to explore innovative approaches to urban planning and management.
A topic that cut across all these areas is flood risk management, which was featured extensively during the launch event of the Global Platform for Sustainable Cities. I had the opportunity to learn more about the role of green mitigation infrastructure in integrated urban flood risk management, with lessons from Japan, Korea, Sri Lanka, Senegal, and the Netherlands. In these countries, green structures such as retarding basins, permeable pavement, and rainwater storage or infiltration trench have complemented conventional structural measures to reduce flood risk in a cost-effective manner.
Based on the premise that greener cities are the key to a more sustainable future, the World Bank and the Global Environment Facility launched the new Global Platform for Sustainable Cities (GPSC) earlier this month in Singapore. The new platform will help mobilize funding for urban sustainability programs, while also facilitating knowledge exchange between cities.
Thanks to this innovative approach that closely connects finance to knowledge, the GPSC will be uniquely positioned to make cities the driving force of sustainable development.
When you think of online auctions, what products come to mind? Perhaps electronics, collectibles or concert tickets, but it’s unlikely that you think of climate finance. However, the Pilot Auction Facility for Methane and Climate Change Mitigation (PAF) recently combined the two, and for this, we are thrilled to be awarded Environmental Finance’s Carbon Deal of the Year 2016.
Before the ongoing war, Yemen was already among those countries facing the most serious water shortages: experts warned that its groundwater would be depleted by 2017. The war has greatly exacerbated the situation as, along with instability, the absence of government, and spread of armed conflicts, the arbitrary pumping of groundwater has increased while government utilities like water supplies have collapsed.
Climate change imposes stark challenges in West and Central Africa, where droughts and floods are already frequent. Vast portions of the region’s populations are poor, dependent on natural resources for their livelihoods, and unable to prepare and respond adequately to extreme weather events. Weak monitoring and information systems, absence of proper infrastructure, and limited governance capacity render countries in the region unable to manage their climate risks, threatening food and energy security, economic development, ecosystem health, and overall regional stability.
Ahead of World Water Day 2016, Lead Disaster Risk Management Specialist Christoph Pusch explains how the World Bank helps client countries anticipate, respond to, and recover from El Niño-related shocks such as droughts or floods.
Selilah stares out over a landscape she has inhabited for 70 years. In the valley below, deep gullies scar the slopes where rains have carried away the soil. Living with three of her four sons, she is struggling to make ends meet in this part of Sidama Zone, Ethiopia, where, she says, there used to be a forest more than 40 years ago.
Now most trees have been felled and water is scarce. Selilah spends two hours a day collecting her two jerrycans (50 liters) from a neighboring kebele (neighborhood), but when that source fails she has to buy water from a vendor at ETB 6 (30 US Cents) per a jerrycan, a huge cut into her income.
In the last 10 years, she says, the rains have changed – they are lighter than before and more infrequent. As a result, production from her meager plot – just 0.25 ha – is declining. After her husband died more than a decade ago, she now only makes ends meet through the daily wage-labor income of her sons. Like many others, Selilah is on the frontline of climate change in a landscape under increasing pressure.
On March 19, millions of people across the globe will turn their lights off for one hour. For many, Earth Hour is a time to recognize and acknowledge the array of challenges our world faces on energy, climate, and poverty.
Almost 3 billion still use air-polluting and carbon-emitting solid fuels (such as wood, coal and dung) for cooking and heating.
Some of us have seen these numbers so many times, they no longer seem as alarming as they should. Their impact has worn thin... So to recognize this reality for millions of our fellow human beings and to raise awareness of energy poverty, here are a few things you can do for Earth Hour on Saturday, March 19: