By some estimates it could cost as much as $4.5 trillion a year to meet the Sustainable Development Goals (SDGs), and obviously, we will not get there solely with public finance. And there’s the rub: Countries will only meet the SDGs and improve the lives of their citizens if they raise more domestic revenues and attract more private financing and private solutions to complement and leverage public funds and official development assistance. This approach is called maximizing finance for development, or MFD.
East Asia and Pacific
Also available in: Tiếng Việt
It’s nighttime and the streets are bustling in Vietnam’s cities and towns. Buoyed by years of strong growth, the country has a burgeoning middle class with purchasing power to sustain restaurants and cafes, full and open late into the night, busy retailers and a high penetration of mobile phones – more than one per person. The economy, however, continues to run on cash and a majority of adults still don’t have formal financial services such as a basic transaction account. Moving to a “non-cash” system is a priority for the government to increase efficiency, promote business and economic development and reduce poverty including in remote rural areas where traditional financial providers have difficulty reaching.
Since 2016 the State Bank of Vietnam, the country’s central bank, has been partnering with the World Bank Group on a comprehensive approach to financial inclusion which will result in a national financial inclusion strategy. While still in development, several key elements of the strategy are clear: a focus on digital finance including shifts in government payments to digital products and platforms; providing financial services to rural and agricultural communities and ethnic minorities, where growth has lagged and poverty rates are above the national average; and strengthening consumer protection and financial education so that the next generation of consumers are prepared for a modern financial marketplace.
May 17 is the International Day Against Homophobia, Transphobia and Biphobia, or IDAHOT.
Why should we care about IDAHOT? Because sexual orientation and gender identity, or SOGI, matters.
Despite some legal and social progress in the past two decades, LGBTI people continue to face widespread discrimination and violence in many countries. Sometimes, being LGBTI is even a matter of life and death. They may be your friends, your family, your classmates, or your coworkers.
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.
Ibasho: a Japanese approach to community resilience
In Ofunato, elder community members planned and built the Ibasho Café, which serves as a hub to restore the fabric of a community badly damaged by the GEJE disaster. Ibasho Café is an informal gathering place that brings the community together. All generations connect in that space, with children coming to read books in the English library, older people teaching the young how to make traditional foods, younger people helping their elders navigate computer software, etc. With the elderly actively engaged in the operation of the Ibasho café, the place helps build social capital and resilience, while changing people’s mindsets about aging. The café runs as a sustainable business and, over time, has developed a noodle shop, an organic farm, and a farmers market to further support its operation.
In 2014-2015, GFDRR supported the documentation of the Ibasho experience in Japan. Learning about this experience, Santoshi realized the elders and women of her community could also lead the way, and reached out to Emi Kiyota, head of Ibasho, the NGO that facilitated the process in Ofunato.
Recently, the IUCN World Conservation Union announced that the Giant Panda is no longer globally endangered with extinction, but has been “down-listed” to globally vulnerable. The Fourth National Survey (2011-2014) in China estimated the range-wide population as 1,864 adult Giant Pandas, and that at least one distinct population, in the Minshan Mountains, includes more than 400 mature individuals. National surveys indicate that the past trend of decline has stopped, and the panda population has started to increase. Forest protection and reforestation in China has increased forest cover over the past decade, leading to an 11.8% increase in forest occupied by pandas and a 6.3% increase in suitable forests that are not occupied, yet.
Where are these 370 million people, who are they, and why they are so overrepresented among the poor?
Only about 8% of the Indigenous Peoples around the world reside in Latin America, a far smaller number than most people surmise. On the other hand, over 75% live in China, South Asia and Southeast Asia, according to World Bank’s first global study of poverty among Indigenous Peoples across the developing world, Indigenous Peoples, Poverty, and Development.
“In a time when gods walked the earth, an epic battle rages between the encroaching civilization of man and the gods of the forest…” That’s the opening line of the official movie trailer for Princess Mononoke.
I’ve always been a fan of Studio Ghibli, but among their films, Princess Mononoke was one that inspired me most. If you don’t know the story, there’s a prince that gets involved in a war between mankind and gods. The fate of the world rests on a forest princess! Yes, there’s a fearless forest princess in this movie. With its strong plot, interesting characters and fantasy elements, it became one of the highest-grossing films in Japan. Sure enough, Mononoke led me to a path of believing in heroes and saving the world.
If I ask you what movie changed your life or inspired you to action, I’m guessing that you would tell me about a blockbuster, or maybe, a cause-related documentary. Stories speak to us differently and individually. The bigger question is, where can these stories take us?
For the first time in history, the number of people living in extreme poverty has fallen below 10%. The world has never been as ambitious about development as it is today. After adopting the Sustainable Development Goals and signing the Paris climate deal at the end of 2015, the global community is now looking into the best and most effective ways of reaching these milestones. In this five-part series I will discuss what the World Bank Group is doing and what we are planning to do in key areas that are critical for ending poverty by 2030: good governance, gender equality, conflict and fragility, creating jobs, and, finally, preventing and adapting to climate change.
Twenty years ago, the World Bank took up the fight against corruption as an integral part of reducing poverty, hunger, and disease. The decision was groundbreaking then and remains valid today. Corruption diverts resources from the poor to the rich, leads to a culture of bribes, and distorts public expenditures, deterring foreign investors and hampering economic growth.
- domestic resource mobilization
- Development Finance
- international development association
- Public Sector and Governance
- The World Region
- South Asia
- Middle East and North Africa
- Latin America & Caribbean
- Europe and Central Asia
- East Asia and Pacific
- Cote d'Ivoire
It is widely acknowledged that reducing emissions from deforestation could bring about one-third of the greenhouse gas emission reductions we need by 2030 to stay on a 2-degrees trajectory. But protecting and managing forests wisely does not only make sense from a climate perspective. It is also smart for the economy. Forests are key economic resources in tropical countries. Protecting them would increase resilience to climate change, reduce poverty and help preserve invaluable biodiversity.
Here are just a few facts to illustrate why forests are so important. First, forests provide us with ecosystem services like pollination of food crops, water and air filtration, and protection against floods and erosion. Forests are also home for about 1.3 billion people worldwide who depend on forest resources for their livelihood. Locally, forests contribute to the rainfall needed to sustain food production over time. When forests are destroyed, humanity is robbed of these benefits.
The New Climate Economy report shows us that economic growth and cutting carbon emissions can be mutually reinforcing. We need more innovation and we need more investments in a low carbon direction. This requires some fundamental choices of public policy, and the transformation will not be easy. However, it is possible and indeed the only path to sustained growth and development. If land uses are productive and energy systems are efficient, they will both drive strong economic growth and reduce carbon intensity.
Already, the world's large tropical forest countries are taking action.