The forecast for climate change has been undeniably altered overnight — positive news for the planet and for economic growth.
U.S. President Barack Obama and Chinese President Xi Jinping, the leaders of the world's two largest economies and two largest emitters of pollutants into the atmosphere, demonstrated that, together, they are leading the global fight against climate change.
Their commitments are an absolutely essential first step if we are to hold the warming of the planet under 2 degrees Celsius, and avoid the disastrous consequences of an even more uncertain world. China committed to an emissions peak by 2030, with 20 percent of its energy coming from renewable sources, and the United States agreed to reduce its emissions by 26-28 percent below 2005 levels by 2025. Importantly, they agreed to expand their joint clean energy research and development.
How can economic growth benefit more people? What will it take to double the share of renewables in the global energy mix? Will the world have enough food for everyone by 2050? You can hear what experts have to say on these topics and others, ask questions, and weigh in at more than 20 webcast events from Oct. 7 to 11. That's when thousands of development leaders gather in Washington for the World Bank-International Monetary Fund Annual Meetings. Several events will be live-blogged or live-tweeted in multiple languages. You can also follow the conversation on Twitter with #wblive and other hashtags connected to events. We’ve compiled a sampling of events and hashtags below. Check out the full schedule or download the Annual Meetings app for Apple devices and Android smartphones.
The green energy revolution used to look pretty far off. Today, businesses are starting to factor the cost of climate change into their planning, countries have set targets for increasing the use of renewable energy, and wind farms and solar panels are popping up everywhere. But large-scale renewable energy development is still a challenge – especially in the absence of government incentives. Large-scale renewable power such as solar, wind, and wave power, though technically viable, is often seen by investors as too expensive to develop and too risky.
The International Finance Corporation (IFC), the World Bank Group’s private sector arm, is working to overcome those concerns. In Chile – a country with considerable renewable energy potential – these efforts are starting to have an impact. As the video below shows, Chile plans a significant shift in its energy equation – from 37% renewables today to 55% by 2024. Though still a very small percentage of the overall energy mix, non-conventional renewable power such as wind and solar is starting to happen there, without government subsidies.
Walking out of Keflavik airport as the arctic breeze hit my face at 50 km per hour, I thought to myself, “I love my job.” A job that makes a tropical citizen like me enjoy the hospitality of the very warm Icelanders and allows me to learn from their experience is hard to top. With 320,000 citizens and just the size of the U.S. state of Kentucky, subpolar Iceland has a lot to teach us development practitioners.
We are only beginning to put together a vision for how to deal with the dilemma of a warming-- and therefore more unpredictable and punishing--climate and ever increasing energy needs. But Iceland has long ago put its mind to the challenge and now lives productively and peacefully in an environment that throws at it tremendous challenges and great gifts.
My appreciation of Iceland's strategy to make use of its environment and harness its renewable energy rose as I visited Hellisheiði Geothermal Plant. Feeling the rumbles of the earth and looking at the steam that puffed from its heart against the backdrop of a volcanic landscape, I was in awe both of nature and the people who have embraced its imposing power.
Can emerging markets make economic growth compatible with climate action? Can the trade-off between growth and rising emissions be influenced by policy?
For a country like Turkey – with the lowest carbon footprint in the OECD (around 5 tons per person in 2008), but also one of the highest rates of growth of carbon emissions over the past two decades – these are not idle questions. A recent talk with a senior Turkish policy maker about how Turkey is adjusting its policies to meet the challenge of growing green left me feeling optimistic about the role Turkey can play in this discussion. I believe that for Turkey, growing green is an opportunity. Let me explain why I think so: