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Climate Change

Why finance ministers may hold the keys to climate action

Marcello Estevão's picture
People watch the rescue process in the flooded area on August 17,2018 in Pathanamthitta, Kerala, India. Kerala was badly affected by the floods during the monsoon season. Source: AJP, Shutterstock.


Without urgent action, the impact of climate change could push an additional 100 million people into poverty by 2030. Meeting global climate goals requires ambitious, transformational and systemic action. Sustainable infrastructure is at the heart of this opportunity and can deliver cities where we can move, breathe and be productive; resilient systems for power, water and housing that withstand increasingly frequent and severe climate extremes; and ecosystems that are more productive and robust. Mobilizing public and private resources is an essential part of generating the trillions of dollars needed for this sustainable infrastructure.

Climate change is not simply an “environmental” problem. Rising temperatures pose potentially catastrophic risks to people, their livelihoods, and entire cities. Climate change puts every aspect of society at risk and has become a serious financial and economic problem. 

Cocoa Honey: A Sweet Good-bye

Martin Raiser's picture
Cocoa honey is probably the sweetest and most intensely flavored fruit juice I have ever tasted. It is extracted from the white flesh around the fresh cocoa beans, which are wrapped in a banana leaf until all of the juice has dripped out. This is only one of the tropical delicacies I had the privilege to try during a recent trip to the state of Bahia in Brazil’s Northeast.

Creating opportunities for a new forestry economy in Mozambique

Karin Kaechele's picture
With natural forests covering 43% of the country, forests are a source of employment, income, and livelihoods in Mozambique’s rural areas. Photo: Andrea Borgarello/World Bank


When I tell people that I am a forest specialist, they sometimes assume my work is forest first, people second. But the really exciting part of my job is that better forests make better communities.

There is mounting evidence that forest management improves people’s livelihoods all over the world. Standing forests are worth much more than cut ones and we are setting out to prove this in Mozambique, where protecting forests is among the fastest and most affordable ways to cut emissions and promote sustainable development.

Building a more resilient caribbean to natural disasters and climate change

Inci Otker's picture

The blog draws on joint ongoing and published work with several IMF staff, including Leo Bonato, Aliona Cebotari, Julian Chow, Alejandro Guerson, Franz Loyola, Sònia Muñoz, Uma Ramakrishnan, Ippei Shibata, Krishna Srinivasan and Karim Youssef.

Five years since its launch, the key messages of the World Development Report on Risk and Opportunity (WDR 2014) remain as pertinent as they were back then. WDR 2014 argued that risk management can be a powerful instrument for development, as mismanaged risks can destroy lives, assets, and economic and social stability, with the poor often hit the hardest. Managing risk plays an important role in increasing resilience to adverse shocks. It needs to combine the capacity to prepare for risk with the ability to cope afterward, considering how upfront costs of preparation compare with its potential benefits.

How to remain a poverty reduction champion: Overcoming Cabo Verde’s challenges

Rob Swinkels's picture

Few countries can match Cabo Verde’s development progress over the past quarter of a century. Its Gross National Income per capita (GNI) grew six-fold. Extreme poverty fell by two-thirds from 30% in 2001 (when poverty measurement began) to 10% in 2015 (see first chart) which translates into an annual poverty reduction rate of 3.6%, outperforming any other African country during this period. Non-monetary poverty also dropped fast (see second chart). In many ways, Cabo Verde is a development star, and these achievements were made despite the disadvantage it faces as a small island economy in the middle of the Atlantic.

Operationalizing the Action Plan on Climate Change Adaptation and Resilience

Ede Ijjasz-Vasquez's picture
 

The World Bank Group has launched its Action Plan on Climate Change Adaptation and Resilience.  As an institution that is committed to development, the World Bank has an enormous responsibility to help countries and communities act early, to build resilience to what we know they are going to be facing – more frequent and more dramatic climate disasters because of climate change. 
 
In fact, over the past 30 years, more than 2.5 million people and almost $4 trillion have been lost to disasters caused by natural hazards, with global losses quadrupling from $50 billion a year in the 1980s to $200 billion in the last decade, reaching $330 billion in global losses in 2017.

What’s keeping India in the dark?

Fan Zhang's picture
To boost and sustain its energy supply, India needs urgent investments and reforms to fix the inefficiencies that plague its entire electricity supply chain.
To boost and sustain its energy supply, India needs urgent investments and reforms to fix the inefficiencies that plague its entire electricity supply chain. Credit: World Bank

Statistics show that what is commonly perceived as an energy gap in India is actually an efficiency gap.

To boost and sustain its energy supply, India needs urgent investments and reforms to fix the inefficiencies that plague its entire electricity supply chain. 

But first, the good news. In 2018, every village in India got connected to the grid.  That same year, power shortages declined dramatically to 0.9 percent from 8.5 percent in 2012.  

As for clean power, India has become one of the world’s leading countries in renewable energy and aims to add 227 gigawatts of green electricity by 2022.

True, India today generates more power than ever. Yet, 178 million Indians still lived without access to grid-connected electricity in 2017.

On top of that, air pollution from coal-powered plants contributed to 82,900 deaths across India in 2015.

Given its rapidly growing economy, demand for power in India is expected to triple by 2040.

The country faces a monumental task to meet this demand while protecting its natural environment and the health of its people.

As I write in my new report, ‘In the Dark’, power distortions cost India much more than previously estimated: $86 billion in 2016—that is 4 percent of the country’s economy.

The World Bank’s role in SDG monitoring

Umar Serajuddin's picture

In 2015, leaders of 193 countries formed an ambitious plan to guide global development action for the next 15 years by agreeing on a set of Sustainable Development Goals (SDGs). Four years after their launch, the World Bank’s expertise in development data and its large repository of development indicators has played an important role in helping track progress made towards the achievement of the SDGs.

How does SDG monitoring work and how is the World Bank involved?

To monitor the 17 goals and 169 associated targets, a framework of 230+ indicators was developed by the Inter-agency and Expert Group on SDG Indicators (IAEG-SDGs), a group of UN Member States with international agencies as observers. Different international agencies were assigned as “custodians” of the SDG targets. In this capacity, the custodian agencies work with national statistical offices to develop methodologies for indicators to measure progress on the SDGs. The agencies also work with countries to compile data for SDG indicators, which they submit to the UN Statistics Global SDG database.

The World Bank participates in IAEG-SDGs as an observer and is a custodian or co-custodian (with other agencies) for 20 indicators, and is involved in the development and monitoring of an additional 22 indicators. Altogether, the World Bank is formally engaged with the monitoring of 42 of the 230+ indicators. The indicators cover a wider range of topics in which the World Bank has expertise, including poverty and inequality, social protection, gender equality, financial access, remittances, health, energy, infrastructure, and so on.

Bridging boundaries for climate adaptation financing with river basin organizations

Christina Leb's picture
Tourists and fishermen prepare to take their boats out on Lake Victoria in Kisumu, Kenya.
Photo: Peter Kapuscinski / World Bank

Water, climate, and finance know no borders. This brings both challenges and opportunities. When it comes to freshwater, a majority of the world’s surface water flows in transboundary basins, spanning multiple federal states and countries. At the same time, most impacts from climate change are felt through the global water cycle and sub-cycles.  Thus, transboundary cooperation is crucial for strengthening climate resilience. And, when done appropriately, riparian countries and river basin organizations (RBOs) can harness their unique attributes to secure adaptation financing from a range of sources.

Sustainable Mobility for All: Changing the mindset, changing policies

Nancy Vandycke's picture
Photo: Photoviriya/Shutterstock
The global conversation on transport and mobility has evolved significantly over the past five years. Take transport and climate, for instance: although data on the carbon footprint of major transport modes had been available for a long time, it was not until COP21 in 2015 that mobility became a central part of the climate agenda. The good news is that, during that same period, the space of solutions expanded as well.  For example, data sharing is now viewed as an obvious way to promote better integration between urban transport modes in cities.

In that context, the task at hand for the Sustainable Mobility for All initiative (SuM4All) was clear: How can we work with decision-makers and the international community to transform the conversation, harness the full potential of these emerging solutions, and take on the world’s most pressing mobility issues?

To tackle these challenges, the initiative decided to focus on three essential steps.

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