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.
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.
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.
In 2030, more than 300 million Chinese are expected to have moved into cities. By then, 70 percent will live in urban settings. Given China’s size, it will mean that one in six urban dwellers worldwide will be Chinese. The challenges coming with that demographic shift are already visible and well known, in China and beyond.
Urbanization is a global trend. So when we think about new approaches to urbanization here in China, we believe that they are of value for other countries facing similar issues. In other words, China’s success in urbanization could pave the way for global rethinking on how cities can be built to be healthy, efficient, and successful.
The Yangon Circular Railway is the local commuter rail network in Yangon, Myanmar. In this recording, World Bank Country Manager Kanthan Shankar boards the train on a three-hour ride around the city. "You see a panorama of life unfolding before you and you feel a part of the picture," he says, reflecting on the daily lives of the people in Yangon, "There's a huge opportunity for commerce and private sector growth. Yangon and Myanmar is lucky that it has basic infrastructure in place. It's a matter of rehabilitating these and aiming for a smoother ride to pave the way for commerce,"
Mongolia’s mining revenues are set to soar in the coming years, but here people talk about the need to save for the future.
Surely building infrastructure, educating young Mongolians, improving healthcare and creating jobs is important? Surely by achieving these development goals Mongolia is providing for the next generation? These are great questions. Mongolia must do these things. But they in turn depend on efforts to prevent boom and bust and provide financial assets for future generations. Saving some of the revenues in good times is part of effective natural resource management.