Defying Predictions, Remittance Flows Remain Strong During COVID-19 Crisis
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World Bank Group Youth Summit 2021: Resilient Recovery for People and Planet
Established in 2013, the Youth Summit is an annual event hosted by the World Bank Group 
(WBG) to engage with youth globally on the most pressing topics facing our generation. The WBG Youth Summit is an affiliate of the Youth-to-Youth (Y2Y) network, the largest volunteer organization at the WBG, which aims to inspire and empower youth within and outside the institution. The primary goals of the Youth Summit are to:
- Empower youth to explore innovative ideas to tackle development challenges
- Provide youth with the tools to build and engage in impactful projects
- Promote dialogue between youth, the WBG, and other key stakeholders globally
Transitions at the Heart of the Climate Challenge
STORY HIGHLIGHTS
- The World Bank Group is increasing its financing to help countries address the pandemic and climate change, because a sustainable future depends on the decisions countries make today.
- To clean up energy systems, it will be important to drive action on multiple fronts including renewable energy, energy efficiency, and a just transition from coal.
- To tackle food insecurity and protect forests, climate-smart agriculture and nature-based solutions will need to be scaled up.
Imagine a world where farms grow nutritious food and raise healthy livestock without harming the environment. Where every village, town and city are powered by clean energy and cities have safe, affordable, and non-polluting transit systems. Where people have jobs that drive the sustainable growth story of the future. This world is within our reach, but only if we confront the challenges we face today.
Five reasons to be concerned about the shadow economy
Informal activity—sometimes dubbed the “shadow economy”—is widespread in emerging 
market and developing economies. Its pervasiveness is of particular concern at the current juncture, because it may make it harder for these economies to achieve the inclusive development that is needed to undo the damage of the COVID-19 pandemic.
Carbon Prices now Apply to Over a Fifth of Global Greenhouse Gases
Carbon pricing generated $53 billion in revenue in 2020-21, but despite progress, carbon pricing efforts are not on track to meet Paris Agreement goals, new World Bank report finds
WASHINGTON, May 25, 2021 — A total of 64 carbon pricing instruments are now in operation around the world, covering over 20% of global greenhouse gas emissions and generating $53 billion in revenue. According to the World Bank’s annual “State and Trends of Carbon Pricing” report released today, these advances represent a 17% increase in revenue from last year, However the full potential of carbon pricing remains largely untapped.
How Digital Integration has Transformed Kenya’s Transport Sector
STORY HIGHLIGHTS 
- Digital technology has revolutionized Kenya’s transportation sector, making it easier and more secure to access essential transport services
- The Transport Integrated Management System electronic data platform has reduced processing times for some services from months to days
- The growth of Kenya’s ICT sector has become a significant driver of economic development and job creation in all areas
World Bank Support for Country Access to COVID-19 Vaccines
As of May 13, 2021, the World Bank Board approved operations to support vaccine
rollout in 22 countries amounting to $2.4 billion. See the latest project financing, project documents and procurement information in the list below. More information will be shared here as it becomes available. We expect to reach 50 countries amounting to $4 billion by mid-year.
Empowering local people to engineer their own futures: a new infrastructure planning approach
Climate change is challenging our status quo as the frequency of extreme weather events 
keeps increasing. Water scarcity could cost some regions up to 6% of GDP and floods could force hundreds of millions of people from their homes by 2050. At the same time, we’re facing a $15 trillion infrastructure finance gap.
A green reboot for cities: Strategies for post-COVID growth
In the case of pandemics, billions of dollars in prevention are worth trillions of dollars for the 
cure. But how do we translate that simple insight into effective action that saves lives?
Countries, influential stakeholders and institutions have largely failed to take preventative action, despite clear evidence of need following the SARS and avian influenza outbreaks. The consequences are clear, and the world is now paying the price for failing to take advantage of past opportunities to make prevention a priority.
The Long Shadow of Informality: Challenges and Policies
A large percentage of workers and firms operate in the informal economy, outside the line of 
sight of governments in emerging markets and developing economies. This may hold back the recovery in these economies from the deep recessions caused by the COVID-19 pandemic—unless governments adopt a broad set of policies to address the challenges of widespread informality. This study is the first comprehensive analysis of the extent of informality and its implications for a durable economic recovery and for long-term development. It finds that pervasive informality is associated with significantly weaker economic outcomes—including lower government resources to combat recessions, lower per capita incomes, greater poverty, less financial development, and weaker investment and productivity. Continue reading
