The release of the joint statement “From Billions to Trillions: Transforming Development Finance” at the World Bank-IMF Spring Meetings is one of the most satisfying moments during my two-year tenure as Managing Director and World Bank Group CFO.
My one regret is that the title should have been Billions for Trillions.
Barbara Buchner is senior director at the Climate Policy Initiative and lead author of the Global Landscape of Climate Finance reports.
In December 2015, countries will gather in Paris to finalize a new global agreement to tackle climate change. Decisions about how to unlock finance in support of developing countries’ low-carbon and climate-resilient development will be a central part of the talks, and understanding where the world stands in relation to these goals is a more urgent task than ever.
Climate Policy Initiative’s Global Landscape of Climate Finance 2014 offers a view of where and how climate finance is flowing, drawing together the most comprehensive information available about the scale, key actors, instruments, recipients, and uses of finance supporting climate change mitigation and adaptation outcomes.
New carbon pricing systems are being developed in China, Chile and other countries to help reduce greenhouse gas emissions and encourage clean energy and sustainable development. This will mean new reporting requirements and regulations for an increasing number of national and multi-national companies.
To help corporate leaders prepare, we studied the experiences of three companies that are already operating within one or more carbon pricing systems and the steps they took to prepare for a world where greenhouse gas emissions have a price.
Our report released today by the Partnership for Market Readiness describes the impacts of a changing climate on business strategies, analyzes risks and opportunities as new climate policies are implemented, and distills lessons learned by Pacific Gas and Electric Company, Rio Tinto, and Royal Dutch Shell. The three companies represent a variety of energy-intense industries, including oil, gas, metals, mining and energy generation, transmission and distribution. Two operate in more than one jurisdiction with emissions trading.
For governments to carry out their day-to-day functions, procurement -- or their ability to purchase goods and services -- is critical. It is both a service function and a strategic policy tool which can help achieve a broad range of social and economic welfare objectives. It cuts across all areas of public administration and builds on cooperation among multiple public and private stakeholders.
. Promoting innovation in procurement means processes that are transparent and efficient, and that facilitate equal access and open competition. to delivering better services with long-term value for money.
Amy Ericson, U.S. country president for technology company Alstom, spoke at the World Bank Group about the interplay between carbon pricing and innovation that can lower carbon emissions for cleaner, more sustainable development. Alstom is involved in the Carbon Pricing Leadership Coalition.
Al-Arabiya reported a few weeks ago that the political crisis in Ukraine and Russia is threatening the availability of food in Egypt and Jordan. Food prices becoming hostage to political crises is certainly not a new phenomenon: food plays an important role in the stability of societies through its availability, affordability, and quality. We learned this lesson from the 1789 French Revolution and more recently, many commentators link soaring food prices in 2010 with the events leading up to the ‘Arab Spring.’ The latter is not surprising when Arab countries import 56% of their cereal consumption, and some Arab countries import 100% of their wheat consumption. These recent market dynamics have led many countries to revisit their food security strategies with an eye to securing food supply.
There is a vigorous debate over the reasons pertaining to the food price increases in 2008, 2010, and 2012. Many highlight the effects of seasonal, short and medium term factors such as weather changes and biofuel-related crop conversions as well as long term factors such as population growth, income growth, and climate change. These price increases in food have enormous effects on people, for example, the 2008 food crisis pushed 105 million people into poverty.
- private sector
- land governance
- environmental and social performance standards
- King Abdullah’s Initiative for Agricultural Investment Abroad
- banned food exports
- food crisis
- Arab Spring & food
- agriculture FDI
- foreign direct investment
- Political Risk Insurance
- Agriculture and Rural Development
- The World Region
- Middle East and North Africa
- Saudi Arabia
I got together with my friend Asma'a one evening at a popular Cairo café overlooking the Nile. Like many of the young Egyptians I had met that summer, Asma'a was smart, motivated — and unemployed. Since graduating with a law degree, she had applied for countless jobs to no avail, and had all but given up on finding a job in her field of study. She was particularly upset that evening because her parents had forbidden her from accepting a waitressing job, deeming the work to be morally inappropriate. Feeling ever more desperate, Asma'a said she would be willing to take any job just to be able to work.
Asma'a is one of 865 million women worldwide who have the potential to contribute more fully to the global economy. These women represent a powerful resource for driving economic growth and development. Yet the underuse of women's talents and skills is holding many countries back. An International Monetary Fund study estimates that if women like Asma'a were to participate in the labor force at the same rate as men, they could raise GDP in Egypt by 34 percent. Employed women also invest more of their income in their children's health and education, helping families to escape the cycle of poverty.
Late last month, I retired after spending more than 30 years in the climate arena, the last decade as a principal climate change specialist at the International Finance Corporation.
During the span of my career, climate change has moved from the sidelines to be recognized as a serious development challenge. And while we’re still far from achieving the international commitments needed to avoid potentially dangerous and even catastrophic climate events, much has been accomplished.
Scientists have reached near-consensus about climate change and its impacts. We’ve also seen the creation of several significant donor-supported climate funds, as well as a steady increase in policy and financial support for climate-friendly technologies.
In one critical respect, however, we need more progress: making the private sector a partner in helping nations build resilience and adapt to climate change.
World Bank Group President Jim Yong Kim has started a conversation about development and the private sector on Oxfam’s blog.
The evolving discussion isn’t so much about whether to harness the private sector to cut poverty, but how to do it.
In an Oct. 28 blog post, Kim said the Bank needs to work with many partners to help meet the goals of ending extreme poverty and boosting shared prosperity. Private sector investment “is needed to stretch scarce development resources.”
“Engaging the private sector is not about how we feel about business; it’s about how high our aspirations are for poor people. If we rely only upon foreign aid, then our aspirations are far too low.”
ISTANBUL — On my first trip to Turkey, I met the country's political leaders, business executives, and civil society organizers — and some of the World Bank Group staff. We have 250 staff in Turkey, of which 200 are in the regional hub of IFC, our private sector arm.
While Turkey faces many challenges, I came away very impressed with many of the nation's accomplishments during the last decade. To learn more, watch this video blog.