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Climate Change

Harnessing creativity for change: The art of resilience

Simone Balog-Way's picture
Call for submissions for upcoming international art exhibition. © GFDRR
Call for submissions for upcoming international art exhibition. © GFDRR

Art is the queen of all sciences, communicating knowledge to all the generations of the world. -Leonardo da Vinci


The Great Wave off Kanagawa, by Hokusai
The Great Wave off Kanagawa, by Hokusai

Scientists are constantly getting better at knowing when the next hurricane, landslide, or flood will happen. However, science communication about these disasters lags behind. As Leonardo da Vinci described, art has a unique power to communicate this type of knowledge to people everywhere.  

Natural events and disasters of the past have influenced some of the most iconic art of our time. From Turner’s sunsets to Mary Shelley’s Frankenstein – both were composed in the shadow of the greatest volcanic eruption of our age, Mount Tambora in 1815. The Great Wave off Kanagawa by Japanese artist Hokusai (c. 1829–33) has been interpreted as a warning about tsunami risk. In an era of increasing natural hazards and climate change, art can also communicate the future risks we face.

3 ways to follow World Bank Group activities at the 2019 Spring Meetings

Bassam Sebti's picture
© Dominic Chavez/World Bank
© Dominic Chavez/World Bank

Our 2019 Spring Meetings is just around the corner and it’s time to get organized. Mainstage speakers include representatives from top-notch institutions and organizations such as the United Nations, National Geographic, World Trade Organization, Bloomberg, Massachusetts Institute of Technology, among others.
 
The Spring Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund (IMF) is an event that brings together central bankers, ministers of finance and development, private sector executives, representatives from civil society organizations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

This year's events will take place in Washington, D.C., April 8-14, 2019.

Fighting climate change with capital markets

Akinchan “Aki” Jain's picture
 istockphoto.com
© istockphoto.com

As a structured finance specialist in the World Bank Treasury, I work on a trading floor and talk to banks, investors, and development partners daily, so together we can find cost-effective and sustainable solutions to address climate change. The World Bank estimates that without urgent action, climate change could push an additional 100 million people into poverty by 2030. Climate is now a key consideration in all our development projects, and we have committed to ramp up adaptation financing to $50 billion over FY21–25. However, the public sector alone cannot finance the trillions of dollars needed for green infrastructure. We need to mobilize significantly more private sector flows to have any realistic chance of achieving climate goals. Enter: bonds and the power of the capital markets. 

Trees and forests are key to fighting climate change and poverty. So are women

Patti Kristjanson's picture
Also available in: العربية | Español | Français
Liberian woman's forest product market stand. © Gerardo Segura/World Bank
Liberian woman's forest product market stand. © Gerardo Segura/World Bank

According to WRI's ‘Global Forest Watch’, from 2001 to 2017, 337 million hectares of tropical tree cover was lost globally – an area the size of India.
 
So, we appear to be losing the battle, if not the war, against tropical deforestation, and missing a key opportunity to tackle climate change (if tropical deforestation were a country, it would rank 3rd in emissions) and reduce poverty. A key question, then, is what can forest sector investors, governments and other actors do differently to reverse these alarming trends?

Community-based forestry in Malawi will soon bear fruit

Hasita Bhammar's picture
Firewood on bicycles as primary mode of reaching markets, Malawi. © Dejere/Shutterstock.com
Firewood on bicycles as primary mode of reaching markets, Malawi. © Dejere/Shutterstock.com

The jeep came to an abrupt halt, a few miles before we reached Lengwe National Park. I saw the Forest Officer jump out and stop a villager on a bicycle that was overloaded with a giant stack of firewood. The villager looked distraught as the Forest Officer confiscated the logs and sent him off with a cautionary warning. With a shrug of resignation, the officer explained that harvesting firewood in forest reserves and national parks was illegal and incidents like the one I had just witnessed were increasing tensions between the community and the Department of Forestry. 

For many Malawians, firewood and charcoal provide their only source of income and for the majority, they are also the only form of energy (fewer than one in 10 people has access to electricity). Their economic predicament forces them to risk being apprehended but under these circumstances, they take their chances.

2018: A year of influence, impact and cooperation on global issues through social media

Zubedah Robinson's picture


​In 2018, the themes of climate change, disruptive technology, and human capital were not only priorities for the World Bank Group, but for governments, private companies, and international organizations of all kinds. The level of partnership online among these groups has been unprecedented as the world collectively tries to address global challenges.

The same kind of cooperation that is driving impact on the ground is also driving awareness and advocacy more broadly as the world rises to these challenges. Below are just a few examples of how collaboration online has strengthened and amplified the global effort to end poverty in 2018 across three key themes.

Tackling climate change in the poorest countries

Axel van Trotsenburg's picture
Also available in: العربية | Français | 日本語 | Español
Burundi. © Sarah Farhat/World Bank
Burundi. © Sarah Farhat/World Bank

How can we help the poorest countries deal with climate change? The challenge is huge. Globally, the last three years were the hottest on record.  Emissions of carbon dioxide from fossil fuels and industry started rising again in 2017 after briefly leveling off. Many regions are experiencing more severe and frequent storms, floods, and drought. According to the latest Intergovernmental Panel on Climate Change report, the climate consequences of a 2°C warmer world are far greater than for a rise of 1.5°C, and we are not on track for either.

Recognizing the urgent need for more action, the World Bank Group announced new and ambitious targets for our climate work with developing countries at COP24, this month’s global climate change conference in Katowice, Poland. Having recently exceeded our 2020 financing targets two years ahead of schedule, we are aiming to double our investments to $200 billion over the five years from 2021 to 2025. The Bank Group is also making adaptation and resilience a top priority, since millions of people are already dealing with the severe consequences of more extreme weather events. By ramping up direct adaptation finance to around $50 billion over FY21-25, the World Bank will now give it equal emphasis to investments that reduce emissions.

Green Bonds: From evolution to revolution

Heike Reichelt's picture
Also available in: Français | 日本語 | العربية | Español
© ThickStock.com/Getty Images
© ThickStock.com/Getty Images

The first green bond issued by the World Bank 10 years ago created the blueprint for today’s US$500+ billion labeled bond market. This blog post looks at how green bonds changed investor and issuer behavior and how the same model can be applied to help achieve the Sustainable Development Goals.


The capital markets have evolved over the last 10 years from a market where investors knew - and cared - little about what their investments were supporting, to one where purpose matters more than ever. There’s a revolution in the bond markets that was sparked by green bonds.

The green bond market has grown from a market dominated by issuers like the World Bank, an international organization owned by 189 countries with the sole purpose of eradicating extreme poverty and boosting shared prosperity, to one that includes a broad range of issuers - from private companies and banks, to utilities and governments. The simple concept behind green bonds has expanded to other labeled bonds, including social bonds and blue bonds. 

A Caribbean crystal ball: What can experience from Caribbean islands tell us about investing in climate resilience?

Kristalina Georgieva's picture
Also available in: Español | العربية | Français
A man walks amid destruction on a street in Roseau on the Caribbean island of Dominica following passage of Hurricane Maria. © CEDRICK ISHAM CALVADOS/AFP/Getty Images
A man walks amid destruction on a street in Roseau on the Caribbean island of Dominica following passage of Hurricane Maria. © CEDRICK ISHAM CALVADOS/AFP/Getty Images

In the Caribbean, people are already living in the future. It is world where climate change can seriously affect economic growth, government decisions and people’s jobs and lives. 
 
The recent report of the Intergovernmental Panel on Climate Change (IPCC) gave a stark warning of what happens if the world goes beyond the target of a 1.5 degree increase in temperature. At 2.0 degrees, we will see far worse droughts, floods, extreme heat and poverty for hundreds of millions of people. 

Today, climate change is intensifying pressure on communities and ecosystems all over the world, but the Caribbean countries are facing quite unique challenges. 
 

Everything you need to know to follow the 2018 Annual Meetings

Bassam Sebti's picture
Also available in: Français | Español | العربية | 中文


The IMF/World Bank Group Annual Meetings is an event you won't want to miss. Join us for a week of seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world's financial system. This year's events will take place in Nusa Dua, Bali, Indonesia, October 8-14, 2018.
 
Find out why the World Bank, countries, and partners are coming together to try to close the massive human capital gap in the world today. Catch the launch of the new Human Capital Index on October 11, 2018, and spread the message that it’s critical to #InvestinPeople.
 
The World Bank Group, the International Monetary Fund, and the Government of Indonesia are also co-sponsoring a first-ever technology fair to bring innovation to the heart of the Annual Meetings.
 
This three-day “showcase” will feature 28+ innovators – companies from around the world – who will demonstrate the powerful role that technology can play in spurring development, strengthening financial development and inclusion, and improving health and education outcomes. The 2018 Innovation Showcase will run from October 11-13 in the Bali International Convention Center.
 
So, start planning your #WBGMeetings experience. Connect, engage and watch to take full advantage of everything the Meetings has to offer. We've got you covered on Facebook, Twitter and Instagram!

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