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Carbon Bubbles & Stranded Assets

Vladimir Stenek's picture
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Packing an extraordinary amount of energy in little space, fossil fuels helped propel human development to levels undreamed of before the Industrial Revolution, from synthesizing fertilizers to powering space flight. But alongside energy, they produce health-damaging air pollutants and greenhouse gases.

Today, greenhouse gas emissions are higher than at any time in at least 800,000 years and rising, causing climate changes that threaten to reverse decades of development gains. Disruption of livelihoods, loss of food security, loss of marine and coastal ecosystems, breakdown of infrastructure, threats to global security: these are just a few of the risks identified in recent scientific reports.

In the absence of technology to permanently remove greenhouse gases and restore atmospheric concentration to safe levels, there is only one realistic solution: limiting additional emissions. It is estimated that to avoid the most damaging effects of climate change, over the next few decades we can at most emit a quantity equal to about 20 percent of total proven fossil fuel reserves.

Given fossil fuels’ omnipresence in our economies and lives, leaving them in the ground will have important implications, starting with the value of the very assets.

How can we measure state capacity? Do you start upstream or downstream?

Nick Manning's picture

About a year ago, Frank Fukuyama released an article entitled “What is governance?” in the Governance journal that became an “instant classic” in the field. Within a month it had elicited over 15 responses from prominent scholars on the Governance blog, not to mention commentary posted elsewhere—including this blog. It already has over 40 google citations, including articles in Spanish, Italian and Portuguese. And a month ago, Governance journal published two more commentaries on Fukuyama’s original article (by Robert Rotberg and Craig Boardman), reinvigorating the debate.

World Bank Helps With Flood Recovery Efforts in Serbia

Laura Tuck's picture

Laura Tuck, Vice President for the Europe and Central Asia region for the World Bank, discusses the World Bank's role in assisting Serbia with recovery and reconstruction following recent floods, and other economic reforms in the country.

International tourism data: top destinations, number of arrivals, and more

Wendy Ven-dee Huang's picture

When you hear the words “top tourist destination,” do sandy beaches and national parks come to mind? Perhaps places with historical significance like the Egyptian pyramids or the temples of Angkor Wat in Cambodia?  When we take a close look at the tourism data, we see that some of the top tourist destinations in the world are in low- and middle-income countries, specifically, in the East Asia and Pacific region.

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​Prospects Daily: The euro weakens to nearly three-month low, U.S. PMI climbs in May, China’s official manufacturing PMI at five-month high

Global Macroeconomics Team's picture
Financial Markets
 
The euro depreciated versus the dollar on Monday, trading almost at a three-month low, as slowing inflation in Germany and weaker-than-expected manufacturing growth in the Euro Zone fueled speculations the European Central Bank will adopt an aggressive monetary easing this week. The single currency fell 0.2% to $1.3595, not far from $1.3586 touched on May 29, the weakest level since February 13. Meanwhile, the euro strengthened 0.2% versus the yen to 139.04 after depreciating 2.1% last month.

Breaking Down the Silos: Reflection on the “Invisible Wounds” Meeting

Mike Wessells's picture

Speaking as a psychosocial practitioner-researcher, the World Bank's recent “Invisible Wounds” conference, which enabled a rich dialogue between psychologists and the Bank's economically-oriented staff, was a breath of fresh air. In most war zones, humanitarian efforts to provide mental health and psychosocial support and economic aid to vulnerable people have frequently been conducted in separate silos. Unfortunately, this division does not fit with the interacting psychosocial and economic needs seen in war zones, and it misses important opportunities for strengthening supports for vulnerable people.
 
A case in point comes from my work (together with Susan McKay, Angela Veale, and Miranda Worthen) on the reintegration of formerly recruited girl mothers in Sierra Leone, Liberia, and northern Uganda. These girls had been powerfully impacted by their war experiences, which included displacement, capture, sexual violence, exposure to killing and deaths, and mothering, among others. After the ceasefire, they were badly stigmatized as “rebel girls” and were distressed over their inability to meet basic needs and to be good mothers. The provision of economic aid alone would likely have had limited effects since the girls believed that they were not fit for economic activity (many saw themselves as spiritually contaminated and as having “unsteady minds”), and they were so stigmatized that people would not do business with them. Similarly, the provision of psychosocial assistance alone likely would have had limited effects because the girls desperately needed livelihoods in order to reduce their economic distress and be good mothers.

Finance and growth in China and India

Sergio Schmukler's picture

China and India are hard to ignore. Over the past 20 years they have risen as global economic powers, at a very fast pace. By 2012, China has become the second-largest world economy (based on nominal GDP) and India the tenth. Together, they account for about 36% of world population.

Albania - On the Path Toward Economic Growth and Development

Laura Tuck's picture

Laura Tuck, Vice President for the Europe and Central Asia region of the World Bank, discusses her recent trip to Albania, during which she had broad ranging discussions with the government and other partners on the country's growth and development.

Making Digital Government a Reality: Join a Global Webinar for Leaders of Government Transformation

Oleg Petrov's picture
What is the future of digital government? A short answer: it’s constantly evolving based on factors including policy priorities, technologies and citizen demands. But there’s no question that digital government is a considerable driving force behind economic growth, job creation and societal transformation.

On June 5, 2014, the World Bank will host a Global Webinar on the Future of Digital Government from 9:00 a.m. to 10:30 a.m. EDT. You can join us by signing up here. You can also follow the webinar through the World Bank ICT Twitter page, using the hashtag #digigov.

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