In my 10 years of working in the World Bank, I have seen remarkable changes around me. In 2004, Emerald Avenue in Ortigas Center, where the old World Bank office was located, started to wind down after 9 PM. Finding a place to buy a midnight snack whenever I did overtime was hard. It was also hard to find a taxi after work.
Today, even at 3 AM, the street is bustling with 24-hour restaurants, coffee shops, and convenience stores, hundreds of BPO (Business Process Outsourcing) employees taking their break, and a line of taxis waiting to bring these new middle class earners home. Living in Ortigas Center today means that I also benefit from these changes.
Under-investment in infrastructure can cripple lives. Across the world, 1.3 billion people have no access to electricity, 2.5 billion do not have adequate sanitation, and a further 2.5 billion rely on the traditional use of biomass for cooking. Building adequate infrastructure is a vital tool of social development. But it is also a crucial underpinning of economic growth. McKinsey estimates that the world needs to invest $57 trillion in infrastructure between 2013 and 2030 simply to keep up with projected global GDP growth. That’s more than the total estimated value of the infrastructure already on the ground today.
These “Project Bonds” mostly target institutional investors - including pension funds, and have generated a great deal of interest among investment bankers, lawyers and investors. All this hype raises a number of questions: Are these “Project Bonds” really living up to expectations? Can governments really rely on Pensioners Paying for Projects (a newfound meaning for PPPs!)? What do we need to do to turn these instruments into a significant source of financing and close the infrastructure investment gap?
Our response to climate change at the global level clearly needs improving. While some governments are managing to set and enforce limits on the emission of greenhouse gases, an international agreement that is both enforceable and meaningful remains elusive. Measures undertaken by private individuals and organizations, though plentiful, largely fail to connect to the political process and continue to fall short in aggregate. Is there a way to combine these public and private efforts? We think there is, as we’ve explored in a recent NZZ article and ETH blog post: a new type of liability insurance.
Looking to the insurance industry for addressing climate change is not new (see, for example, Nobel Laureate Robert Shiller’s column; the Geneva Association’s statement; and the climate change and insurance links discussed at the World Bank’s recent Understanding Risk conference). What has been lacking, however, are ideas for employing insurance instruments at scale, across national boundaries, and in a way that maximizes existing capacities and market mechanisms.
Traffic congestion, air pollution, accidents – the negative externalities from car transport are not just a popular field of economic research, but also a daily arduous reality for millions of commuters around the world. However, there is more: carbon emissions and climate change may be a less visible externality from road transport, but the economic and social costs will be substantial and borne at a global scale.
When dealing with such externalities, pricing instruments (such as carbon or fuel taxes) are the policy response favored by economists: if car users paid the full cost of driving, they would adjust their driving practices and thus reduce the negative environmental and social impacts.
The recently enacted National Food Security Act, 2013 (NFSA) is being described as a ‘game changer’ to strengthen food and nutritional security in the country. It goes without saying that, be it basic staples (wheat and rice) or other foods (edible oil, pulses, fruits, vegetables, milk and milk products, egg, meat, fish etc), India has been quite successful in ensuring their ample availability to its population. But in addition to food availability, there are two more critical factors in ensuring food security to the citizen’s - access to food and its absorption for better nourishment.
Despite robust economic growth in recent years, one-third of India’s population, i.e. more than 376 million people in 2010 still lived below the poverty line, as per World Bank’s definition of $1.25 a day. Besides, the National Family Health Survey (NFHS-3) of 2005-06 highlighted that amongst children under five years, 20% were acutely and 48% chronically undernourished. The above facts definitely underline the continued relevance for safety net targeting that makes the poor and vulnerable food secure in terms of nutrition, dietary needs and changing food preferences.
Bhutan has some of the most thrilling rides in the world—in the air and on the ground.
Flying into Paro Airport, the only international airport in Bhutan, is an experience like none other—its narrow runway tucked between rugged 18,000-foot peaks, high in the Himalayas. Below, the road between Thimphu, the capital, and the border city of Phuentsholing twists and turns as it navigates some of the world’s highest mountain passes, often blanketed in fog with visibility reduced to mere meters. On clear days, both offer some of the most stunning, breathtaking views you will ever see.
But stunning peaks do not make for easy trade routes, and this is a problem in Bhutan. That’s why the World Bank’s International Trade Unit teamed up with the South Asia Transport Unit to conduct a diagnostic of impediments to transport and trade facilitation in Bhutan. The diagnostic, a prelude to a potential investment operation, was based on the recently released Trade and Transport Corridor Management Toolkit.
We all know urbanization is important: Nearly 80% of gross domestic product is generated in cities around the world. Countries must get urbanization right if they want to reach middle- or high-income status.
But urbanization is challenging, especially because badly planned cities can hamper economic transformation and cities can become breeding grounds for poverty, slums and squalor and drivers of pollution, environmental degradation and greenhouse gas emissions.
That’s why it’s important for us to build cities that are livable, with people-centered approaches to urbanization and development. That will allow innovation and new ideas to emerge and enable economic growth, job creation and higher productivity, while also saving energy and managing natural resources, emissions and disaster risks. When the process is driven by people, it can lead to important results, the same way London and Los Angeles addressed their air pollution problems.
Most Of What We Need For Smart Cities Already Exists
The compelling thing about the emerging Internet of Things, says technologist Tom Armitage, is that you don’t need to reinvent the wheel — or the water and sewage systems, or the electrical and transportation grids. To a large degree, you can create massive connectivity by simple (well, relatively simple) augmentation. “By overlaying existing infrastructure with intelligent software and sensors, you can turn it into something else and connect it to a larger system,” says Armitage.
Mideast Media Study: Facebook Rules; Censoring Entertainment OK
PBS Media Shift
A new study by Northwestern University in Qatar and the Doha Film Institute reveals that Middle Eastern citizens are quite active online, with many spending time on the web daily to watch news and entertainment video, access social media and stream music, film and TV. “Entertainment Media Use In the Middle East” is a six-nation survey detailing the media habits of those in Qatar, Egypt, Lebanon, Tunisia, United Arab Emirates (UAE) and Saudi Arabia. The results of the survey, which involved 6,000 in-person interviews, are, in part, a reflection of how the Internet has transformed Arab nations since the Arab Spring. More than ever, consumers in the Middle East/North Africa (MERA) region are using technology to pass along vital information, incite social and political change, become citizen journalists and be entertained.