What does it mean to reach “net zero?” A recent report by the Carbon Pricing Leadership Coalition (CPLC) explores how the world can decarbonize, and in particular, how carbon pricing can play a role. To learn more about net zero, the report and its findings, we sat down with Chandra Shekhar Sinha, a member of the Task Force on Net Zero Goals and Carbon Pricing and Advisor to the Bank’s Climate Change Group, and Angela Churie Kallhauge, former Head of the Carbon Pricing Leadership Coalition (CPLC) Secretariat.
The Young Professionals Program (YPP) is a starting point for an exciting career at the World Bank Group for those who demonstrate a passion for international development and the potential to grow into impactful leadership roles across our institutions. Young professionals are recruited from around the world with various academic and professional backgrounds relevant to the World Bank, IFC and MIGA.
June 15, 2022
11:00 AM EDT (local time)
War in Ukraine leading to higher inflation, tighter financial conditions
WASHINGTON, June 07, 2022—Compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth and elevated inflation, according to the World Bank’s latest Global Economic Prospects report. This raises the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike.
Blended finance has grown in the past decade. In 2021 it represented an aggregated financing of over $160 billion, with annual capital flows averaging approximately $9 billion since 2015. With this small infusion of concessional funding, pioneering investments become attractive to private investors.
The World Bank’s commitment to helping countries control corruption dates to 1996 when then President James Wolfensohn made his “cancer of corruption” speech. It was the first time the issue was given such prominence by a World Bank President and put squarely on the agenda of the institution.
Next week, I’ll attend the climate summit hosted by the United Nations as part of the 74th session of the General Assembly. A range of environmental challenges—including pollution, the degradation of forests and biodiversity, marine plastics, and extreme weather events—are putting sustainable economic growth and inclusive development at risk. While international discussions have a place in looking for results, one of the great strengths of the World Bank Group is in partnering with countries to find local solutions and deliver good outcomes.
Post-disaster assessments changed my life by starting my career in disaster risk management. Three months after arriving in Indonesia as the World Bank’s environment coordinator, the Indian Ocean tsunami and related earthquakes struck Aceh and Nias at the end of 2004. I was asked to pull together the economic evaluation of the disaster’s environmental impact as part of what was then known as a damage-and-loss assessment. Subsequently, the World Bank, United Nations and European Union agreed on a joint approach to crisis response in 2008, including a common methodology for post-disaster needs assessment (PDNA).
The risk of famine continues to threaten millions of people. Today, 124 million people experience crisis-levels of food insecurity, and over half of them are in situations affected by conflict. The magnitude of need has grown significantly over the last few years, testing the limits of an already overburdened and underfunded international humanitarian system.
Almost 85 percent of them are hosted by low or middle countries with limited resources such as Jordan, Ethiopia, Uganda, Turkey, and Bangladesh. These countries face enormous challenges in meeting the needs of refugees while continuing to grow and develop themselves.
This potential is multiplied by technologies such as artificial intelligence, robotics, big data processing, the internet of things, autonomous vehicles, 3-D printing, blockchain, etc.