The World Bank's new Environmental and Social Framework, four years in the making, is designed to ensure that the approximately $30 billion the bank invests each year goes to projects that are safe for people and the environment. This framework is likely to have an impact on the policies of other development banks and governments around the globe.
WASHINGTON (November 20, 2015)—On the opening day of COP21 in Paris, six heads of state from France, Chile, Ethiopia, Germany, Mexico and Canada, along with the leaders of the World Bank and International Monetary Fund called on countries and companies to put a price on carbon.
Ownership and Accountability in Social and Environmental Safeguards
Global growth has not come without costs: Pollution, natural resource depletion, climate change, and the disruption of ecosystem services are now felt around the world.
This report aims at helping investors in developing countries develop effective social and environmental safeguard...
The World Bank consistently makes the link between poverty elimination and the need to curb climate change. Yet a WRI analysis shows that of the investments the World Bank financed between 2012 and 2013, only one-quarter addressed climate change risks.
Dr. Karin Kemper, director of climate policy and finance in the World Bank Group’s (WBG) Climate Group, shares the Bank's current and future plans to more fully incorporate climate change mitigation and adaptation into its international development agenda.
Although the World Bank has successfully addressed a number of important economic and social risks in its projects, it is falling short in recognizing climate risks. As the World Bank refreshes its long-term strategies, this is a key moment to bring climate change—and more broadly, sustainability—to the forefront of its investment agenda.
Assessing Principles of Sustainable Development and Governance in the World Bank's Project Plans...
As the challenges facing the world—from economic uncertainty and political unrest, to the increasingly severe impacts of a changing climate—have grown, the World Bank is seeking to reinvent itself and help its developing member countries address these challenges.
To understand the World...
The world will need to spend an estimated US$5.7 trillion annually in green infrastructure by 2020 in order to limit global temperature rise to 2 degrees C. This week, it took a step toward creating an institution – the Green Climate Fund – that will be pivotal in achieving this goal.
One of the biggest successes from 2009’s COP 15 conference was securing funding for climate change adaptation and mitigation in developing countries. Donor nations agreed to “provide new and additional resources […] approaching $30 billion for the period 2010–2012, with balanced allocation between adaptation and mitigation.” They also committed to mobilize $100 billion a year by 2020.
But the agreement left a key question unresolved: how should funding be “balanced” between adaptation and mitigation? Should the funding balance be 50/50 between adaptation and mitigation or should it based on each country’s needs? Should funding include both private and public sector investment? These are some of the questions that negotiators will need to address during COP 19 in Warsaw.
But whatever they decide as being a “balanced commitment,” one thing is clear: finance for adaptation needs to increase in the coming years.