Singapore’s transformation into a trade and finance hub that leads global rankings of competitiveness often prompts observers to ask: What is its secret sauce? We at the Singapore Hub for Infrastructure and Urban Development asked Kelvin Wong, Assistant Managing Director of Singapore’s Economic Development Board, or EDB, to share with us the country’s journey in developing its logistics sector, considered among the world’s most competitive and innovative.
Imagine that you live near one of 127 active volcanoes in Indonesia, threatened by the next eruption that could endanger your family. Imagine that your house stands in one of the most seismically-active zones in the world, or that your family lives in one of the 317 districts with high risks of flooding. This is a reality that at least 110 million Indonesians already face, and more could be affected due to the impacts of urbanization, climate change and land subsidence.
The country is known as having a ‘supermarket’ of disaster hazards. Over the past twenty years alone, the Indonesian government recorded over 24,000 disaster events that caused 190,500 fatalities, displaced almost 37 million people, and damaged over 4.3 million houses. The combined losses of these disasters totaled almost $28 billion, or around 0.3% of national GDP annually.
Working in public health brings me close to the stories of brave patients and dedicated medical staff. Very often we also conduct quantitative and qualitative assessments of case studies. In recent years, our work in Malaysia engages a public health concern that has gripped the world – HIV. Our findings have given us hope of winning the fight against the disease.
It is an unfortunate but fact of life that Indonesia often deals with the impacts of natural disasters. It was sadly evident again this week when I arrived in Jakarta to the unfolding disaster caused by the earthquake in Lombok, West Nusa Tenggara. My condolences go out to the families and friends of those who lost their lives.
While scientists are reluctant to say a specific natural disaster is caused by climate change, they say a changing climate is resulting in more extreme events around the world. That’s why at International Finance Corporation (IFC), the largest global organization working with the private sector in emerging markets, finding new avenues for climate financing is a key priority.
Green bonds offer a pathway. The world is witnessing a rapid growth in green bonds, dramatically increasing the flow of capital to green projects and bringing new financiers into the climate smart investment space.