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Long-term finance for infrastructure essential to ending poverty

Bertrand Badré's picture
A worker at a power substation in Kabul, Afghanistan. © Graham Crouch/World Bank

​Fifteen years from now, will you remember where you were when the UN General Assembly adopted the Sustainable Development Goals (SDGs)?

Friday, September 25, 2015 may not be one of those days that the general public will remark on, but it is a milestone in development history. The SDGs set a new and ambitious agenda that we at the World Bank Group, together with our partners, will work to achieve along with our own goals of ending poverty and boosting shared prosperity by 2030.

​Are we harnessing the power of the sun?

Isabel Chatterton's picture

Also available in: العربية

Are we harnessing the power of the sun? With the success of rooftop solar and other initiatives, we’re beginning to head in the right direction.
Photo: Bernd Sieker/flickr

Solar success has come from unexpected quarters. For example, Germany is probably not the first country that comes to mind when you think of sunshine, but we can follow Germany’s lead. It’s the world’s biggest small-scale photo-voltaic user with an installed capacity of 32 gigawatts, and 60 percent of capacity is from solar panels that are installed on people's roofs.

Germany also launched a 100,000 rooftops program, which provided concessional, 10-year loans along with attractive feed-in tariffs to further incentivize households to participate. This was soon after the success of its pilot 1,000 rooftops program, which created the right incentives and targets were achieved a year ahead of schedule – in 2003. 
Germany, Japan and the U.S. state of California are fulfilling their strong solar power potential, and we could all learn from their examples – especially nations that haven’t yet explored the proven promise of solar.
Statistics like these convince me that there is so much more we can and must do. I’m heartened that progress in India has been steady, with successes that prove the country is ready for more.

Part of the #Youthbiz movement? Share your story!

Valerie Lorena's picture

Also available in: Français | العربية

A boat trip from Port Elizabeth to Kingstown, in the Caribbean country of Saint Vincent and the Grenadines, is a one-hour trip that locals take several times a day. It was during one of these journeys that the boat of Kamara Jerome, a young Vincentian fisherman, ran out of gas six miles from Bequia City in what is termed locally as the "Bequia Channel." While waiting for help with strong wind gusts and the sun on his head, the idea of developing a boat that would run with wind and solar energy was born. Soon after, the idea became a prototype; a boat using green technology was on the water making 20-year-old Jerome a winner of international innovation competitions and a role model to other Caribbean youth. 
In Mexico, young engineer Daniel Gomez runs a multimillion bio-diesel company originally conceived as a research project for his high school chemistry class. Gomez and his partners - Guillermo Colunga, Antonio Lopez, and Mauricio Pareja - founded SOLBEN (Solutions in bio-energy in Spanish) in their early twenties. 
Although Daniel and Kamara have different educational backgrounds, they do share one important skill, the ability to identify a problem, develop an innovative solution, and take it to the market. In other words, being an entrepreneur, an alternative to be economically active, that seems to work and not only for a few.

Are we prepared for the next global epidemic? The public doesn't think so

Jim Yong Kim's picture
A nurse checks the temperature of a patient at Redemption Hospital in Monrovia, Liberia.  © Dominic Chavez/World Bank

Too often, the conventional wisdom in diplomatic or scientific circles is that the general public doesn't know what's good for them when it comes to foreign policy or tackling global threats. It's too complicated, the experts say; the public wouldn't understand. Yet new polling suggests that many in the public understand very well how global infectious disease outbreaks pose a serious threat to their lives and economic security - and they know what should be done about it.

What you need to know about energy and poverty

Sri Mulyani Indrawati's picture
Portable solar systems in rural Mongolia © Dave Lawrence/World Bank

First, we need to address “energy poverty” if we want to end poverty.

We find that energy poverty means two things: Poor people are the least likely to have access to power. And they are more likely to remain poor if they stay unconnected.

Around one in seven, or 1.1 billion people, don’t have access to electricity, and almost 3 billion still cook with polluting fuels like kerosene, wood, charcoal, and dung.

G7 recognizes need for deep emissions cuts. Now for action

Rachel Kyte's picture
Also available in: Español | Français

G7 meeting in Germany. Bundesregierung/Gottschalk

This weekend, the leaders of the G7 committed to a series of actions that mark their first serious recognition of the economic transformation that is ahead of us.
Collectively, they recognized the need to decarbonize the global economy, enshrining in economic cooperation what the scientists in the IPCC told us last year in their Fifth Assessment Report. They called for ambition at the Paris climate talks this year – not new, but they recognized that they, individually and collectively, need to be in the upper part of the ambition bracket and that that means at least a “transformation of the energy sector by 2050.”
They talked about the mobilization of capital for this transformation, as well as ending the increasingly profligate use of harmful fossil fuel subsidies. Recognizing the need for an orderly transition to low-carbon growth as quickly and as smoothly as possible, they took on some degree of leadership around the pledge to provide $100 billion in climate finance for developing countries from public and private sources before 2020. More on that in a moment.

Ebola: $1 billion so far for a recovery plan for Guinea, Liberia, and Sierra Leone

Donna Barne's picture

With the Ebola outbreak waning but not yet over, the three most affected countries must now find ways to rebuild their economies and strengthen their health systems to try to prevent another health crisis in the future.

To that end, the presidents of Guinea, Liberia, and Sierra Leone came to the World Bank on April 17 to ask for help funding an $8 billion, 10-year recovery plan for the three countries, with $4 billion needed over the next four years to accelerate recovery. More than $1 billion was pledged by the end of a high-level meeting at the start of the World Bank Group -IMF Spring Meetings – including $650 million from the World Bank Group.

Preparing for disasters saves lives and money

Jim Yong Kim's picture
Tropical Cyclone Pam, a Category 5 storm, ripped through the island nation of Vanuatu on March 13 and 14. © UNICEF
Tropical Cyclone Pam hit the island nation of Vanuatu on March 13-14. © UNICEF

SENDAI, Japan Without better preparation for disasters – whether they be earthquakes and tidal waves, extreme weather events, or future pandemics – we put lives and economies at risk. We also have no chance to be the first generation in human history that can end extreme poverty.
Just a few days ago, the world was again reminded of our vulnerability to disasters, after Tropical Cyclone Pam, one of the most powerful storms ever to make landfall, devastated the islands of Vanuatu. Some reports found that as much as 90 percent of the housing in Port Vila was badly damaged.  When the cyclone hit, I was in Sendai for the UN World Conference on Disaster Risk Reduction, which took place only a few days after the fourth anniversary of the Great East Japan Earthquake of 2011. That quake and subsequent tsunami tragically resulted in more than 15,000 deaths and caused an estimated $300 billion in damage.

Translating words into action: We must build resilience into development

Rachel Kyte's picture
Translating Words into Action

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.

Now is the time to strengthen disaster risk reduction in East Asia and the Pacific

Axel van Trotsenburg's picture
In PDF: Korean | Khmer

Every time I learn of another natural disaster – the people killed and injured, homes destroyed, livelihoods lost – I know we must act to reduce the tragic impact instead of waiting for the next disaster strikes.

We have that chance with this year’s World Conference on Disaster Risk Reduction in Sendai, which seeks to finalize the successor to the Hyogo Framework for Action (HFA2) that guides policymakers and international stakeholders in managing disaster risk. The conference is an opportunity to set new milestones in disaster risk reduction and fighting poverty.

The cost of natural disasters already is high – 2.5 million people and $4 trillion lost over the past 30 years with a corresponding blow to development efforts.

In Asia, rapid urbanization combined with poor planning dramatically increases the exposure of cities, particularly those along densely populated coasts and river basins. Typhoon Haiyan, which killed more than 7,350 people in the Philippines in 2013, directly contributed to a 1.2 percent rise in poverty.