World Bank Group announced major plans to fight climate change. These investments will help develop nations increase their global capacity with 40 gigawatts renewable energy. Threety gigawatts can power over 150 millions of homes. Part of the United Nations System, The World Bank Group provides loans to developing nations for capital programs. It also says that it wants to bring early warning systems for millions and to develop climate-smart farm investment plans for at most 40 countries – all by 2020. According to the World Bank Group, it has increased its efforts in climate-smart agriculture, renewable energy and sustainable cities. It also sets ambitious goals for 2020.. The World Bank’s Climate Change Action Plan. These are the goals set by the World Bank in its Climate Change Action Plan. They aim to accelerate efforts in combating climate change in the next five-years and assist developing countries in achieving their national climate plans that were submitted to the December 2015 United Nations Climate Change Conference in Paris. Two weeks ahead of signing the Paris Agreement, the Climate Change Action Plan will be published. The Paris Agreement required 140 countries to submit national climate plans. These are known as NDCs, or Nationally Determined Contributions. Jim Yong Kim (President of the World Bank Group) stated that “Following Paris’ climate agreement, it is now time to take bold actions to preserve our planet for future generations”. The World Bank Group motto is End Poverty. 2030. Climate change may push 100 millions more people into poverty. Image: taken from worldbank.org. “Climate change could push 100 million more people into poverty by 2030. Expansion of climate investment. The International Finance Corporation, a member the World Bank Group says that it intends to increase its climate investment from $2.2billion annually to $3.5billion per year by 2020. The IFC also plans to increase its private sector leverage by leveraging an additional $13 million per year. The World Bank also plans to mobilise $25 trillion in commercial finance for clean, renewable energy. In order to encourage decision-makers in the public and private sectors to make targeted climate decisions, the World Bank Group will work closer with countries developing. According to World Bank Group, “With the Action Plan we will help countries integrate climate change in their national policies; plan and budget for it; mobilize financing, and use it to maximum effect.” The Action Plan’s authors emphasize that global warming (global warming), can threaten efforts to eradicate poverty. Laura Tuck (Vice President, Sustainable Development, World Bank Group) stated that climate change (“global warming”) is the most pressing issue in our times and can’t be addressed by focusing on one area. Complexity of the problem requires that solutions cross many sectors, such as energy and water, transportation, urban planning and disaster risk management. According to the World Bank, it is launching a pilot program in 15 cities. This new strategy aims at improving urban resilience through integrating land-use planning, disaster management and infrastructure. John Roome (Senior Director, Climate Change, World Bank Group) warned that climate change could drive 100 millions more people into poverty over the coming 15 year. “The Action Plan will enable us to assist developing countries faster, and in areas where assistance is most needed such as disaster preparedness and social protection.” It also describes how the Action Plan aims to raise funding by four to improve transport system’s resilience to climate change. Additionally, it plans to invest at least one million dollars to support energy efficiency and resilient construction by 2020.. IFC believes now is the right time to encourage the development of climate-smart infrastructure. The EDGE Green Building Program of the IFC plans to be present in 20 markets over the next seven-years. According to the World Bank Group, it plans to develop climate-smart investment strategies for at least 40 nations and promote climate-informed fishing management. It also intends designing sustainable forest strategies in fifty countries before the end of 2010. The World Bank Group also wants to help “green” the financial industry by coordinating efforts across banking, capital markets and pensions to make the necessary changes at both the national and international level. Special teams of experts will be created by the World Bank Group to assist countries in generating a strong pipeline of projects that can be bankable. They will focus on solar rooftops and encouraging sub-Saharan Africa’s growth of solar. The World Bank Group released a statement saying that the Action Plan will deliver on its October 2015 commitment to raise climate finance to $29 trillion annually, 2020, with support from its members. Climate risk screening – already used to support projects by IDA (the World Bank’s Fund for the Poorest Countries) – will now be applied across all other World Bank operations beginning 2017.” video – Economy and Climate Change. In this Sky News video Jom Yong Kim discusses how 100 millions more people may be pushed into poverty due to climate change.
