The IMF/World Bank Group Annual Meetings is an event you won't want to miss. Join us for a week of seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world's financial system. This year's events will take place in Nusa Dua, Bali, Indonesia, October 8-14, 2018.
Find out why the World Bank, countries, and partners are coming together to try to close the massive human capital gap in the world today.
The World Bank Group, the International Monetary Fund, and the Government of Indonesia are also co-sponsoring a first-ever technology fair to bring innovation to the heart of the Annual Meetings.
This three-day “showcase” will feature 28+ innovators – companies from around the world – who will demonstrate the powerful role that technology can play in spurring development, strengthening financial development and inclusion, and improving health and education outcomes. The 2018 Innovation Showcase will run from October 11-13 in the Bali International Convention Center.
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This blog post was originally published on Project Syndicate.
Today, only 30% of the world’s population has legally registered rights to their land and home, with the poor and politically marginalized especially likely to suffer from insecure land tenure. Unless this changes, the 2015 United Nations Sustainable Development Goals will be impossible to achieve.
Sustainable Development Goals (SDGs) will be impossible to achieve.Unless this changes, the
Tenure arrangements may be based both on official laws and policies, and on informal customs. If those arrangements are secure, users of land have an incentive not just to implement best practices for their use of it (paying attention to, say, environmental impacts), but also to invest more.
While working in the Galápagos Islands in the late 1980s, I saw the interplay between the many interests on the islands: local fishermen taking advantage of the rich waters around in the archipelago; the research community building on the evolutionary theories discovered by Charles Darwin; the tourism sector responding to an ever-growing interest in the accessible and unique wildlife and fauna; and the rights of the Ecuadorian state to benefit from this national asset. Finding a way to balance these – sometimes conflicting – interests in a manner that allows for sustainable and equitable growth is what we today call the Blue Economy.
It provides the livelihood for hundreds of millions of the poorest and most vulnerable people in the world. By one estimate, it generates USD 3-6 trillion to the world economy. If it were a country, the oceanic economy would be the seventh largest in the world.
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At the One Planet Summit in December 2017, French President Emanuel Macron cautioned that “we are losing the battle” on climate change and are “nowhere near” being able to contain rising temperatures to between 1.5°C to 2°C. Instead, Macron warned, temperatures could rise by 3.5°C or more by the end of this century.
Altering the trajectory of carbon emissions will require implementing the Nationally Determined Contributions (NDCs), the individual country commitments agreed in Paris. Fiscal policies have a key role to play in this process: about one third of the NDCs include references to specific fiscal incentives -clean-energy subsidies, energy taxes, carbon taxes, or a combination thereof - in their NDCs. However, the effectiveness of finance ministers in incorporating climate action into their work presents mixed results. Although explicit fossil-fuel subsidies have fallen, fiscal policies in most countries continue to favor fossil fuels over renewable energy. Consider these points uncovered by recent studies:
But they also face a barrage of threats, from marine pollution and dwindling fish stocks, to the dramatic effect of climate change on coastal communities. Such challenges require new ways of thinking and innovative financing tools that address both the health and economic wealth of our oceans.
Seychelles is a good example of a country that is going beyond business as usual when it comes to preserving its natural assets. This deal raised funding to buy $21 million of Seychelles’ sovereign debt to reﬁnance it under more favorable terms, and then direct a portion of repayments to fund climate change adaptation, sustainable fisheries, and marine conservation projects – as well as to create an endowment for the benefit of future generations of Seychellois.
In the last few years, CSA—which is an approach to agriculture that boosts productivity and resilience, and reduces GHG emissions- has gained momentum as understanding of its critical importance to the food system has risen. Nearly every government representative and farmer I meet during my missions (most recently in Bangladesh, Nepal and Pakistan) expresses genuine interest in making CSA part of their farming routines and agricultural sector.
This momentum is reflected in the Bank’s own actions. Since the Bank started tracking CSA in 2011, our CSA investments have grown steadily, reaching a record US$ 1 billion in 2017. We expect to maintain and even increase that level next year as our efforts to scale up CSA intensify.
Irrespective of which one we choose, the urgency and the incentive to act could never be clearer.
First, the “winter-is-coming” headline.
The challenges we face from a changing climate are more immediate and real than ever before. According to a new forecast published by scientists at the (UK) Met Office, “the annual global average temperature is likely to exceed 1 °C and could reach 1.5 °C above pre-industrial levels during the next five years (2018-2022). There is also a small (around 10%) chance that at least one year in the period could exceed 1.5 °C above pre-industrial levels (1850–1900), although it is not anticipated that it will happen this year. It is the first time that such high values have been highlighted within these forecasts.”
For three days this month, the West African nation of Senegal was in the spotlight of global efforts to combat climate change and improve education in a rapidly changing world.
French President Emmanuel Macron and Senegal’s President Macky Sall co-hosted a conference in Dakar to replenish the Global Partnership for Education (GPE) – a funding platform to help low-income countries increase the number of children who are both in school and learning.
African leaders and partners stepped up to announce their commitment to provide an education that prepares children to compete in the economy of the future and advances socio-economic progress.
Heads of state from across the continent described their challenges—including terrorism, insecurity, the influx of refugee children who need an education, the strain on national budgets, and the cultural bias against educating girls.
Crisis is becoming a new normal in the world today. In 2017 alone, adverse natural events resulted in global losses of about $330 billion, making last year the costliest ever in terms of global weather-related disasters. Climate change, demographic shifts, and other global trends may also create fragility risks.
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