World Bank Vice President and Special Envoy for Climate Change Rachel Kyte speaks from the World Conference on Disaster Risk Reduction underway in Sendai, Japan, about the need for greater investment in resilience. As the conference was taking place, a Category 5 cyclone swept across Vanuatu, leaving destruction in its wake.
Actually I talk, and she goes "okay, okay" looking out the window.
She and I have learned a few new facts to share: one is the linkage of irregular precipitation associated with global climate change.
Chris Mooney, the environment and climate change writer for the Washington Post, recently wrote a great article explaining why more snow is another result of climate change. D.C. is on the south border of the NE of the United States, where, as you can see from the map, (provided by the US National Climate Assessment), extreme rain/snow events have increased dramatically. Similarly, in Jerusalem three weeks ago, the snow came with sleet, blueberry-size hailstones (see below) and lightning.
It’s one of the harsh realities of today.
Just as representatives from around the globe began to gather in Sendai, Japan, for an international disaster risk conference, authorities in Vanuatu were issuing evacuation alerts with Cyclone Pam intent on a destructive path towards the Pacific island nation.
On the eve of the official opening of the World Conference on Disaster Risk Reduction in Sendai, three cyclones – including the ferocious Cyclone Pam – were casting a menacing shadow over the Asia Pacific region.
It underscores a simple point. The threats posed by natural disasters are on the rise.
Sometimes the impacts of disasters seem difficult to predict, such as when the heavy snow that set off deadly avalanches in Afghanistan this winter also damaged transmission lines, disrupting the flow of electricity imported from Uzbekistan and Tajikistan and resulting in power outages in Kabul. Other times the consequences seem almost inevitable, for example the likelihood of a devastating earthquake in the Ganges Basin of India, Nepal and Bangladesh within our lifetime.
There are, however, tools and models that allow us to determine the potential impacts of a disaster before they happen, and provide decision-makers with information they can use to reduce the potential impact.
“What would it take to reduce disaster risk in your country by 50 percent by 2030?” This question was posed to a gathering of small island developing states leaders and representatives during the Understanding Risk forum in London in 2014.
At the time, it probably seemed like an overwhelming question. Around US$650 million in international financing is currently available annually to build resilience in small states. However, for many countries, reducing their disaster risk by 50 percent is an attainable goal.
Three trends in the global financial market are converging to make sukuk, the Islamic financial instrument most similar to a conventional bond, a potentially viable form of finance for green investments: (1) banks are reluctant to finance infrastructure due to stricter capital requirements; (2) an increasing number of investors are interested in ‘environmentally sustainable investing’ (in other words, investing to promote activities seen as positive for the environment); and (3) the market for sukuk is growing significantly. While these three trends are distinct and not obviously related, taken together, they create a market opportunity for sukuk to be used as a tool to finance environmentally sustainable infrastructure projects.
The need for significant infrastructure spending is obvious in both developed and developing countries. From crumbling transportation infrastructure in the United States to inadequate power generation capacity in India, the evidence is clear that improving infrastructure is a global priority. At the same time, popular concern about climate change and the detrimental impact of increasing greenhouse gas emissions has also made improving infrastructure in an environmentally sustainable manner a priority.
But the natural resources needed to grow food are overstretched, and in many cases, severely depleted. Agriculture is also vulnerable to climate change and a changing climate could reduce crop yields by up to 25%. At the same time, agriculture is a big contributor to the climate problem, generating close to a quarter of greenhouse gas emissions. Without targeted interventions, that number could rise further, threatening the world’s food supplies.
The global economy is growing, but a bout of New Year anxiety has taken hold, posing challenges to our global mission: boosting the prosperity of the bottom 40%, ending extreme poverty by 2030, and avoiding a climate meltdown.
Scientists declared this past year as the warmest year on Earth since record-keeping began in 1880, and a series of scientific reports found glaciers melting and extreme weather events intensifying. There can be no doubt that this year world leaders must commit to transforming their economies to combat climate change.
Take a look back at some of the most popular stories you may have missed in 2014:
1. Raising More Fish to Meet Rising Demand
- natural capital
- food security
- Climate Change
- Agriculture and Rural Development
- The World Region
- South Asia
- Latin America & Caribbean
- East Asia and Pacific