Thank you, Prime Minister Madbouly, Dr. Shoukry for hosting this event on climate finance.
Developing countries are facing an economic crisis, heavy debt burdens, high inflation, and climate change. It is a crisis facing development itself.
Thank you, Prime Minister Madbouly, Dr. Shoukry for hosting this event on climate finance.
Developing countries are facing an economic crisis, heavy debt burdens, high inflation, and climate change. It is a crisis facing development itself.
There is a saying in the Pacific that when it comes to climate change, ‘we are not drowning; we are fighting’. This could also sum up the wider East Asia and Pacific region as a whole in the face of climate change; a region that, despite being exposed to some of the worst climate impacts in the world, is responding with innovation, strength and immense resilience.
The World Bank is standing with the countries in the region in these efforts. In East Asia and the Pacific, 46% of new World Bank commitments in fiscal year 2022 contributed to climate action. Three countries across the region – Indonesia, the Marshall Islands, and Vietnam – highlight how the Bank is supporting their fight to adapt to climate change while securing resources and safeguarding important conservation gains far into the future.
For Haliya Al-Jalal, a mother of six in Al-Adn, Yemen, walking long distances to collect drinking water was a daily chore she shared with her family. “Fetching water from the stream caused us great hardship,” she said. “Many children dropped out of school to devote themselves to this task every day.”
SHARM-EL-SHEIKH, November 8, 2022 — Today the World Bank announced a new multi-partner fund that will pool funding from the global community — including donor countries, the private sector and foundations — for scalable pathways to greenhouse gas emission reduction. The Scaling Climate Action by Lowering Emissions (SCALE) partnership will provide grants for verifiable emissions reductions and expand the funding sources for global public goods.
“Climate finance needs major new mechanisms that pool funding from the global community to accomplish actual reductions in greenhouse gas emissions across the developing world. SCALE offers a key non-fragmented avenue for the global community to take action on climate change,” said David Malpass, President of the World Bank Group. “The verifiable emission reductions created by SCALE and similar mechanisms will also be an important step toward building effective carbon credit markets.”
SCALE will deploy Results-Based Climate Finance where countries receive grant payments for achieving pre-agreed, verifiable results, drawing on twenty years of World Bank Group experience in this area.
SCALE will support countries to build a track record of generating emission reductions from impactful programs and policies that they can apply toward their national emission reduction targets. SCALE will also yield excess credits that can be offered in carbon markets with the potential to unlock additional private sector funding.
SCALE will pool public and private resources to (i) channel additional funding to middle and low-income countries’ emission reduction programs; (ii) help bridge the gap between the supply of and demand for high-quality emission reduction credits by supporting large-scale climate investments; and (iii) help countries develop high integrity credits and enhance their access to international carbon markets.
Social inclusion is embedded in the design of all SCALE programs. An associated fund within the SCALE umbrella – Enabling Access to Benefits while Lowering Emissions (EnABLE) – enhances the inclusion of marginalized communities and indigenous peoples in programs under the partnership through specially designed benefit sharing arrangements.
Thank you, Prime Minister Madbouly, Dr. Shoukry for hosting this event on climate finance.
Developing countries are facing an economic crisis, heavy debt burdens, high inflation, and climate change. It is a crisis facing development itself.
Climate stressors have pervasive impacts, among which the impact on the health populations across the world continues to expand. This has recently come into even sharper focus with COVID-19.
Extreme heat and water scarcity together, for instance, are already creating havoc in cities like Cape Town and Chennai, while vector-borne, and water-borne diseases like dengue, malaria, gastroenteritis and typhoid continue to affect thousands of cities globally. Apart from their obvious impacts on the physical health of the population, with the oldest, youngest, and other vulnerable groups facing the greatest threats, such climate stressors also have serious mental health ramifications.
The impact of the COVID-19 pandemic, the need to deliver climate change commitments, and the rise in conflicts have amplified the need for a more effective government from the central to the local level.
The Future of Government report and supporting website is a guide for governments and non-governmental actors to reimagine the role of the State in formulating policy, providing regulation, and delivering services for development outcomes. The report includes a call to action for those working in government and those seeking to influence government for the better, to start building coalitions for change, now.
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On May 26th 2022, World Bank Group’s President, David Malpass, and Masood Ahmed, President of the Center for Global Development, will hold a conversation about the array of global shocks, their impact on the most vulnerable communities—and the response they urgently demand.
From conflict to COVID to climate change, overlapping crises have created unprecedented challenges for developing countries. Debt vulnerabilities, rising inflation, higher energy prices and food insecurity are threatening to reverse development gains. These growing challenges require decisive policy action and sustained international cooperation on multiple fronts to ensure economic conditions improve in all countries, especially the poorest. David Malpass and Masood Ahmed will exchange views on macroeconomic and political instability; and what is required for economic transformation.
The Way Forward is an occasional series of in-depth discussions on development challenges and innovative solutions, hosted by World Bank Group David Malpass.
May 26th, 10:00 AM EDT (local time)
We often hear that climate change disproportionately impacts the poor and the scenarios are worrisome. For example,
Beneath this alarming headline, we know that climate-related losses will fluctuate across time and geographies. Impacts on people will be as varied and specific as household income sources and consumption patterns.
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