Growing up in a developing country, I remember having some naive but clever solutions to the inequalities in and around my life. I had barely settled into my new teenage shoes, but I was already making indignant inquiries from my parents: “Why can’t we just fix everything for everyone?”
Ten years later — now blessed with a quality education and some work experience — those ideas today are likely less naive (and, I would hope, a little more clever).
But where should I be vocalizing such ideas? The answer: In boardrooms, government buildings and high-level policy meetings. That is according to a group of global leaders who met at the World Bank Spring Meetings in April.
When I met Esther Nyambe, she was dressed in a vibrant swirl of brown, green and violet and was pedaling a water pump. Nyambe heads a community organization in Mbeta Island, where women are taking the lead to improve access to safe water and diversify their income through climate-smart farming.
Mbeta Island is surrounded by the Zambezi River and faces increasingly unpredictable floods. Climate change is a reality in this landlocked country where more than half of the population lives in poverty. The island has seen floods that can turn communities into swamps.
I was in Vietnam last month and I was so impressed by the tremendous progress the country has made compared to what I had seen 17 years earlier.
In 2000, the Nhieu Loc–Thi Nghe canal in Ho Chi Minh City’s central business district was so polluted that it posed a health risk to everyone living and working there. How times have changed. The canal’s water is now clear, contributing to a greener and healthier urban living for 1.2 million people in the rapidly expanding metropolis.
Intense drought can devastate a country. . Dealing with both at the same time? That’s just another day for too many countries around the world that struggle to accurately predict weather- and climate-related disasters while simultaneously dealing with their effects.
Today, World Meteorological Day recognizes the benefits of accurate forecasting and improved delivery of hydromet services for the safety of lives and economies. Hydrological and meteorological (or “hydromet”) hazards – weather, water, and climate extremes – are responsible for 90 percent of total disaster losses worldwide. Getting accurate, timely predictions of these hazards into the hands of decision-makers and the public can save lives, while generating at least three dollars’ worth of socio-economic benefits for every one dollar invested in weather and climate services – a win-win. But less than 15 years ago, even the small amount of hydromet investment that existed was fragmented, with little hope of producing sustainable results.
4 unprecedented disruptions to the global financial system
Climate change, migration, correspondent banking and cybercrime are putting unprecedented and unforeseen pressures on global financial markets.
They aren’t just disrupting the global financial system, but also affect how we approach international development work.
Let’s examine each trend:
- “Greening the financial sector” is the new buzz term to finance a transition toward a climate-resilient economy and to help combat climate change. This topic is now getting a lot of attention from the G20 to the Financial Stability Board. The international community is trying to understand what this transition will imply: , and how efficiently the financial sector can allocate financial resources. What we know is that currently fossil fuel subsidies and a lack of carbon tax are hindering the market from shifting financial resources from brown to green.
- Globally, an estimated 65 million people are forcibly displaced. Migration, resettlement or displacement, of course, impact where and how to channel aid to those in need. But more importantly, as displaced people settle down -- no matter how temporary or long-term -- to become self-sufficient and thrive, they will need to establish new financial relations. This can be for simple transactions such as receiving aid through payment cards (as opposed to cash) or for sending remittances. Or it can be for something more complex as getting a loan to start a business.
- At the same time, as the global banking industry is tightening regulations, large banks are withdrawing from correspondent banking and shutting down commercially unsustainable business lines. This recent phenomenon can have a huge impact in some regions on SMEs and on money transfer operators, which largely handle remittances.
- . The focus on cybersecurity risk has increased along with the proliferation of internet and information technology. Fintech is transforming the financial industry -- by extending access to financial services to people and small- and medium-sized enterprises (SMEs) previously left out of the formal financial system – but is also raising many questions, including concerns about cybersecurity. The same technology advancements that are propelling fintech are also addressing cybersecurity risk. However, there is a need to develop an appropriate regulatory framework in combination with industry best practices. This framework is evolving and regulators are grappling with how and when to regulate.
Another year has passed, and as we do each year-end, here’s a rundown of what content resonated most with you on World Bank social media in 2016.
Four World Bank Facebook posts you cared about most
Some of our most popular and engaging content on Facebook in 2016 was, not surprisingly, multimedia. Check out these posts that made the biggest impact with you in the last year.
On October 17 – now recognized as End Poverty Day – Bangladeshi singer Habib Wahid unveiled a new song singing the praises of his country’s rapid progress in reducing poverty and building a prosperous society. Check out the video, and remember why you poured out your approval with more than 161,000 views, 65,000 reactions, and 4,600 shares!
Between the social, political, and economic upheavals affecting our lives, and the violence and forced displacement making headlines, you’d be forgiven for feeling gloomy about 2016. A look at the data reveals some of the challenges we face but also the progress we’ve made toward a more peaceful, prosperous, and sustainable future. Here are 12 charts that help tell the stories of the year.
1.The number of refugees in the world increased.
Forcibly Displaced" offers a new perspective on the role of development in helping refugees, internally displaced persons and host communities, working together with humanitarian partners. Among the initiatives is new financial assistance for countries such as Lebanon and Jordan that host large numbers of refugees., up from 60 million the year before. More than 21 million were classified as refugees. Outside of Sub-Saharan Africa, most refugees live in cities and towns, where they seek safety, better access to services, and job opportunities. A recent report on the "
- Sustainable Communities
- international development association
- Digital Technology
- Information and Communication Technologies
- Financial Sector
- Social Development
- Urban Development
- Global Economy
- Climate Change
- South Asia
- The World Region
- United Arab Emirates
We are all too aware that difficult times lie ahead for coastal communities.
Coastal erosion, especially in West Africa, has already displaced communities, with economic losses costing about 2.3% of GDP in Togo alone. In the past 60 years, sea temperatures in the Western Indian Ocean increased 0.6 C, triggering mass coral bleaching and deadly climate-related disasters across the region. The economic cost of the 1998 coral bleaching event to Zanzibar and Mombasa was in the tens of millions of dollars. The natural cost is still unknown.
Last year, over 100 countries included actions related to land-use change and forests in their nationally determined contributions to fight climate change.
At the World Bank, we’re excited to be part of this next phase of forest action. In April 2016, we launched both a Forest Action Plan and Climate Change Action Plan which take a more holistic and ambitious approach to forests. We proposed to focus on investments in sustainable forest management and forest restoration to enhance economic opportunities for people living in and near forests, but also to help countries plan their investments in sectors such as agriculture, energy and transport in a more thoughtful, ‘forest-smart’ manner – to maximize the benefits of their forest assets.
On September 22, 2016, we launched the World Bank Big Data Innovation Challenge – a .
As the world grows more connected--through mobile phones, social media, internet, satellites, ground sensors and machines—governments and economies need better ways to harness these data flows for insights toward targeted policies and actions that boost climate resilience, especially amongst the most vulnerable. To make this data more useful for development, we need more data innovations and innovative public-private arrangements for data collaboration.
The World Bank Big Data Innovation Challenge invites innovators across the world to reimagine climate resilience through big data solutions that address the nexus areas of food security and nutrition, and forests and watersheds – high priority areas of the World Bank’s Climate and Forest Action Plans and the UN Sustainable Development Goals.