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Breaking down the barriers to mobilizing sustainable investment

Ceyla Pazarbasioglu's picture
Also available in: Español
Closing Plenary of the Investor Forum. © World Bank

“Private capital is often an important source of sustainable finance. Public finance alone may not be sufficient to meet the demands for sustainable finance as the global economy continues to grow and poses increasing burdens on our resources and ecosystems. Mobilizing private investment in areas such as sustainable infrastructure, sustainable technologies and business model innovations, among others, can deliver substantive environmental, social, and economic benefits.”

This summary from the G20’s Sustainable Finance Synthesis Report was at the heart of the discussion at the Investor Forum, which was held on the sidelines of the G20 Summit in Buenos Aires in November. The event – hosted by the World Bank and the Government of Argentina – brought together investors holding over $20 trillion of assets as well as stakeholders and representatives from G20 governments. The goal was to identify steps for boosting long-term, sustainable, private-sector investments that tackle development challenges and promote economic growth in parts of the world that need it most.

The ongoing impact of ‘nudging’ people to pay their taxes

Oscar Calvo-González's picture
Also available in: Español
© Maria Fleischmann/World Bank
© Maria Fleischmann/World Bank

Sustainability is the holy grail of development. There are many interventions that yield positive results in the short term but somehow fail to be sustained over time. This is why the experience in Guatemala that we are about to describe is worth paying attention to. In short, it shows that behavioral insights can lead to lasting change.

It all began in 2012 in the United Kingdom, with simple changes in the reminder letters sent to taxpayers that were late in their income tax payment. The changes were very successful, inducing payments of 4.9 million pounds (around $6.5 million) in a sample of almost 120,000 delinquent taxpayers, which would not have been raised without the intervention. The then-nascent institution called the "Behavioral Insights Team" (BIT) became known around the world with this effective and very low-cost intervention that was based on modifying the messages of the letters sent to delinquent taxpayers. The message that was most effective said: "Nine out of ten people in the U.K. pay their taxes on time. You are currently in the very small minority of people who have not paid us yet." Behavioral science experts have been able to show that telling people what most people do, especially when it comes to positive behavior, is a good technique to change behavior.

8 things we learned from running a challenge fund

Amal Ali's picture
Challenge funds can help harness technology for development – here, a team from the international Water Management Institute (IWMI) shows off an open source mobile weather station developed for the GFDRR/DFID Challenge Fund. © IWMI
Challenge funds can help harness technology for development – here, a team from the international Water Management Institute (IWMI) shows off an open source mobile weather station developed for the GFDRR/DFID Challenge Fund. © IWMI 

While historically confined to medical and academic research, challenge funds – competitive financing for innovative solutions to entrenched problems – have gained traction in the international development field over the last decade.
 
Pioneered by the UK Department of International Development (DFID), challenge funds have championed transformational disruptive technologies, such as M-Pesa, Kenya’s mobile money transfer service. The electronic payment system, which allows users to withdraw, deposit and transfer cash through their mobile phones, started as a pilot project funded by DFID’s Financial Deepening Challenge Fund. Today, more than two thirds of Kenyans use the channel, and the innovation has changed the scope of financial inclusion programs globally.

Putting women’s health and empowerment at the center of development

Kristalina Georgieva's picture
Also available in: Español | Français | 中文 | العربية
Registered nurses look after newborns at a maternity hospital in Freetown Sierra Leone. © Dominic Chavez/World Bank
Registered nurses look after newborns at a maternity hospital in Freetown Sierra Leone. © Dominic Chavez/World Bank


Last week on World Population Day, I was thinking of the joy of children and the right of women to decide when to have them. It matters to women, but it matters to society as a whole. There can be no sustainable development without women’s empowerment, and there can be no women’s empowerment without access to comprehensive maternal and reproductive health services. Family planning is part of them.

Where do the world’s talents immigrate to?

Bassam Sebti's picture


"We’re the nation that just had six of our scientists and researchers win Nobel Prizes—and every one of them was an immigrant," U.S. President Barack Obama recently said after the Nobel Prize winners were announced.
 
The Internet was abuzz about it, and how could it not be?
 
The announcement couldn’t come at a better time. Not only are US Nobel laureates immigrants, but also the country has been identified as one of four where the world’s high-skilled immigrants are increasingly living, according to a new World Bank research article. The other three countries are the United Kingdom, Canada and Australia.

Bill Gates talks about ‘game-changers’ in financing development

Donna Barne's picture

World Bank Group President Jim Yong Kim, Bill & Melinda Gates Foundation Co-Chair Bill Gates, and UK Secretary of State for International Development Justine Greening. © Simone McCourtie/World Bank

What would be a game-changer for achieving some of the world’s most difficult goals — such as ending poverty and hunger and making sure every child gets a quality education?

Billionaire philanthropist Bill Gates came to the World Bank Group Spring Meetings to answer that question in a thought-provoking conversation about how to finance development for greater impact.

Reflections from the 2015 South-South Learning Forum – Part 2

Mohamad Al-Arief's picture
Ministers, mayors, senior officials and experts from both the social protection and urban development spheres wrapped-up their intensive discussion at the 2015 South-South Learning Forum in Beijing, China. It was the first global event that looks at the emerging knowledge and practical innovations in the as-yet underexplored area of social protection in cities. Every single day, more than 180,000 people urbanize globally. Much of the world’s future depends on whether cities thrive or sink. Bank Group staff, who helped put together the Forum, share their reflections:

Reflections from the 2015 South-South Learning Forum – Part 1

Mohamad Al-Arief's picture
Ministers, mayors, senior officials and experts from both the social protection and urban development spheres wrapped-up their intensive discussion at the 2015 South-South Learning Forum in Beijing, China. It was the first global event that looks at the emerging knowledge and practical innovations in the as-yet underexplored area of social protection in cities. Every single day, more than 180,000 people urbanize globally. Much of the world’s future depends on whether cities thrive or sink. Representatives of donor countries, who helped support the Forum, share their reflections:

Leveraging Islamic finance promotes growth and prosperity of small businesses

Bertrand Badré's picture
Also available in: العربية | Français | 中文 | Español
Shop owners get ready for another day of work in Cairo, Egypt. © Dominic Chavez/World Bank


From the smallest rural villages in Bangladesh to the large, bustling metropolitan centers of Cairo or Istanbul, small and medium enterprises (SMEs) are the lifeblood of Islamic communities around the world, keeping local economies humming.

I first became interested in the potential of leveraging Islamic finance to grow SMEs when I led a seminar on the topic in 1997. I’ve come full circle, almost 20 years later, when I had the opportunity to speak last month in Istanbul at a conference on “Leveraging Islamic Finance for SMEs” organized by the World Bank Group, the Turkish Treasury, the Islamic Development Bank and TUMSIAD, the largest association of SMEs in the country with 10,000 members.

Unleashing private investment in renewable energy

Korina Lopez's picture
Also available in: Español | العربية | Français
Angus McCrone, Jin-Yong Cai, and Rune Bjerke discuss renewable energy. © Franz Mahr/World Bank


More than 700 million people live in extreme poverty around the world. If that number seems daunting, then consider this: 1.1 billion people – more than three times the population of the United States – live without electricity.

So it goes without saying that ending energy poverty is a key step in ending poverty itself. And world leaders agree – a sustainable development goal just for energy was adopted last month. It emphasizes the role of renewable energy in getting us to the finish line of reaching sustainable energy for all by 2030. What will give us a big boost in that race? Private financing.

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