Executives from Alstom, the Swedish pension fund AP4, Deutsche Bank, and the French pension fund ERAFP joined finance ministers for an informal climate ministerial discussion about carbon pricing during this year's World Bank Group/IMF Annual Meetings. After the meeting, Rachel Kyte, the World Bank Group's vice president & special envoy for climate change, described the conversation and some of the takeaways.
The idea of “Inclusive growth” and how to achieve it was talked about a lot in the days ahead of the 2014 World Bank-IMF Annual Meetings. Among the solutions on the table was a new initiative that could help unlock billions of dollars for infrastructure and improve the lives of many.
About 1.2 billion people live without electricity and 2.5 billion people don’t have toilets. Some 748 million people lack access to safe drinking water. The Global Infrastructure Facility (GIF) announced by World Bank Group President Jim Yong Kim this week hopes to lower these numbers by developing a pipeline of economically viable and sustainable infrastructure projects that can attract financing.
Nigerian singer, D’banj had the audience on its feet, with iPhones flashing photos, hips swaying and arms waving, as he sang his hit single “Top of the World” at the first TEDx WBG.
By 2050, the world's population will have risen to 9 billion people. Consumption of fish as a percentage of protein in diets around the world is growing too, especially in the last five years as noted in a recent United Nations Report. Fish makes up over 16 percent of the world's animal protein food supply, and food fish supply, including aquaculture, has increased at an average annual rate of 3.2 percent, which means it’s growing at an even faster clip than the world's population. But the supply of wild-caught commercial fish species, such as tuna, is not infinite. Realistic, well-defined and long-term focused management strategies need to be in place now so that despite an unwavering growth in population and consumption, wild fish stocks can thrive well into the future.
Consumption of fish will continue to increase. In both the developing and developed world, more consumers want access to more fish. In less developed, food-deficit countries -- specifically coastal ones -- fish like tuna provide an affordable source of nutrient rich food.
The World Bank Group President Jim Yong Kim and World Bank Chief Economist Kaushik Basu had some answers in a live-streamed conversation, Building Shared Prosperity in an Unequal World, with Chinese media entrepreneur Yang Lan in the lead-up to the institution’s Annual Meetings on Wednesday morning.
The world has made impressive progress against hunger in the past few decades – mostly due to the hard work of poor people themselves. They are the most important stakeholders: Who could be more invested in the struggle against hunger than a young woman with a hectare of land to farm and two children to feed?
The State of Food Insecurity in the World (SOFI) 2014 tells us that the hunger target of the Millennium Development Goals (MDGs)—cutting in half the proportion of undernourished people—is within reach. Even better, the evidence shows that the world is making progress rapidly enough to end hunger by 2030. Setting and achieving a goal to end hunger and malnutrition in the post-MDG, post-2015 era can bring an end to widespread chronic hunger, which affects more than 800 million people today.
Ending hunger is important for the present and the future. It is far better to prevent a crisis than to respond after it has occurred.
Ironically, people living with hunger are, by and large, the very same people the world needs to feed a growing population. Smallholder farmers often face structural barriers to food security—for example, they lack access to basic infrastructure, such as roads to get crops to the market, storage facilities, electricity, and irrigation. They lack access to credit and land. Helping them increase their incomes and build assets, strengthening safety nets, and focusing on health and education outcomes will help build their resilience to shocks that are beyond their control, such as climate change-related weather events.
By Francis Ghesquiere and Olivier Mahul
This week, the Resilience Dialogue, bringing together representatives from developing countries, donor agencies and multilateral development banks, will focus on financing to build resilience to natural disasters.
There is growing recognition that resilience is critical to preserving hard won development gains. The share of development assistance supporting resilience has grown dramatically in recent years. New instruments have emerged in particular to help client countries deal with the economic shock of natural disasters. In this context, an important question is which financial instruments best serve the needs of vulnerable countries? Only by customizing instruments and tools to the unique circumstances of our clients, will we maximize development return on investments. Clearly, low-income countries with limited capacity may not be able to use financial instruments the same way middle-income countries can. Small island developing states subject to financial shocks where loss can exceed their annual GDP face vastly different challenges than large middle-income countries trying to smooth public expenditures over time or safeguard low-income populations against disasters.
Over the past year, much attention in the development community has been focused on reaching two global milestones by 2030: ending extreme poverty and promoting shared prosperity. The World Bank Group and the International Youth Foundation, together with many of our public, private, and philanthropic partners, have recognized that to reach such ambitious goals, the world must achieve broad-based and inclusive economic growth that is focused directly on youth and jobs. Here's why we think pursuing this strategy is such an urgent priority.
A woman walks by an Ebola awareness sign in Freetown, Liberia. © Tanya Bindra/UNICEF
As the spread of the Ebola virus in West Africa shows, the importance of reducing inequality could not be more clear. The battle against the virus is a fight on many fronts — human lives and health foremost among them.
But the fight against Ebola is also a fight against inequality. The knowledge and infrastructure to treat the sick and contain the virus exists in high- and middle-income counties. However, over many years, we have failed to make these things accessible to low-income people in Guinea, Liberia, and Sierra Leone. So now thousands of people in these countries are dying because, in the lottery of birth, they were born in the wrong place.
If we do not stop Ebola now, the infection will continue to spread to other countries and even continents, as we have seen with the first Ebola case in the United States this past week. This pandemic shows the deadly cost of unequal access to basic services and the consequences of our failure to fix this problem.
The virus is spreading out of control in Guinea, Liberia, and Sierra Leone. As a consequence, our ability to boost shared prosperity in West Africa — and potentially the entire continent — may be quickly disappearing.