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IsDB launches innovation platform to accelerate economic growth in developing countries

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The Islamic Development Bank (IsDB) – one of the world’s largest multilateral  development  banks  –  has  launched  Engage,  a  new  digital  platform  which  will promote technological and scientific solutions to accelerate progress towards the Sustainable Development Goals (SDGs).

The President of the IsDB, Dr. Bandar Hajjar, announced the launch of Engage at an event hosted  at  Bloomberg’s  European  Headquarters  in  London,  alongside  the  Under-Secretary- General of the United Nations and Executive Secretary, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), Dr. Shamshad Akhtar, Dr. Hayat Sindi, Chief Scientific Advisor to the IsDB and a group of business, innovation and development experts.

The IsDB has launched Engage in recognition of the crucial role that science and technology play in  enabling  the Global Goals.  The Engage platform will create  a global  innovation network, connecting the latest scientific and technological knowledge with market opportunities and funding. It will provide a space for innovators to interact with each other and incubate unique ideas that can be translated into real development solutions.

Speaking at the launch event, H.E. Dr. Bandar Hajjar, President of the Islamic Development Bank said: “The Islamic Development Bank understands the need to innovate and collaborate across all sectors to help build capacity within countries to address their own development requirements. Engage will provide the right tools and a supportive environment, so innovators and businesses can harness the great potential of science, technology and innovation as strategic drivers for economic growth among their local communities.”

Dr.   Hayat   Sindi,   Chief   Scientific   Advisor   to   the   President   of   the   Islamic Development Bank said: “Engage offers three main services: match-making, technology transfer and Calls for Innovation. Through Engage, innovators, SMEs, private sector companies, Governments and NGOs will benefit from tailored mentoring services and expert knowledge- sharing  that  will  help  activate  their  ideas  and  proposals  to  an  internationally  recognised standard.”

The platform will focus on six SDGs, specifically working towards achieving greater food security, healthier lives, inclusive and equitable education, sustainable management of water, access to affordable and clean energy, and sustainable industrialisation across the developing world; ultimately helping to improve the lives of millions of people.

Dr. Shamshad Akhtar, Under Secretary General of the UN and Executive Secretary ESCAP said: “Engage and Transform will power the policy shifts needed for science, technology and innovation to have a positive impact, not just on our economy, but on our society and the environment.  The initiatives will also spur a new era of open and collaborative innovation to ensure no country is left behind in the technological revolution.”

She added, “The partnership agreement between IsDB and ESCAP will bring together the skills and sources of capital needed to support innovation solutions for sustainable development.”

To ensure its members have access to financing for innovation, the Islamic Development Bank has established a new Fund – The Transform Fund – which will finance innovative ideas linked to development solutions. It will provide seed money for innovators, start-ups and SMEs, as well as funding   partnerships   between   researchers   and   entrepreneurs   that   will   tackle development challenges in line with the SDGs.

The event also saw the signing of two landmark MoUs by the IsDB. The first, with the United Nations ESCAP, committing to build a global network of scientists, technologists, innovators, entrepreneurs and investors; and to nurture and scale high potential innovations  to achieve sustainable and inclusive development.

The second, with the Shell Foundation, an independent UK-registered charity, is a commitment to  share  market  insight  and  investment  opportunities  to  support  social enterprises  that  are providing energy access and affordable transport for people in low-income areas. By providing critical early-stage support to pioneer innovators, the partners aim to lift millions of people out of poverty and improve their quality of life.

Mr. Sam Parker, Director of the Shell Foundation, said: “Most innovators lack the capacity, risk capital and market connections to build sustainable businesses and attract commercial funding to scale. Over the last two decades we have worked with entrepreneurs to prove that the private sector can deliver essential goods and services to low-income customers: enhancing access to energy, education, healthcare and employment. We are delighted to partner with  IsDB  to  show  how  foundations  and  development  banks  can  provide  and  leverage  this support, as a cost-effective way to achieve the SDGs.”

The Engage platform was developed for IsDB by Nordic Innovation Accelerator Ltd. Nina Harjula, Chairman of the Board of the NIA said: “We are pioneers of Open Innovation platforms and for us building a global reach has been the mission from the beginning. We are thrilled to work with IsDB especially since this is the first collaboration to reach innovators from the developing communities. To reach the sustainable development goals we need to engage innovators globally and ensure that their business ideas and tested and scalable sustainable solutions find their way faster to places where the demand and markets are.”

H.E. Dr. Bandar continued: “We recognise that ideas can come from anywhere, but ideas need to be nurtured so they can grow into long-term projects that can make a lasting difference to the world. We are grateful to our partners at UN ESCAP and the Shell Foundation for their support and look forward to collaborating with many more companies, entrepreneurs, investors, governments, academics and NGOs as we focus on the importance of investing in science, technology and innovation.

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World Bank Group and CES Announce Global Tech Challenge Winners

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image: ces.tech

World Bank Group and CES announced the winners of the Global Tech Challenge at CES®2021.

The result of a partnership between the Consumer Technology Association (CTA) and the World Bank Group, the Global Tech Challenge was launched at CES 2020 to reward scalable and innovative technological solutions in three main areas: digital health in East Africa, resilience in India and gender equality around the world. Technology solutions that helped communities respond to the COVID-19 pandemic were also prioritized.

Selected among over 1,000 applications, three winners were selected for gender equality, 10 for resilience and 17 for digital health. More details about the selected innovations can be accessed here for health, resilience and gender equality.

Global Tech Challenge winners will have the opportunity to access financial and/or technical assistance to pilot and scale their solutions on the ground with private sector companies, governments and within development projects financed by the World Bank Group, one of the largest sources of funding and knowledge for developing countries.  

“From closing the digital divide to building resilience in the face of natural disasters or pandemics, innovation can solve some of the most pressing development challenges. The World Bank Group is pleased to support impactful programs focused on bringing equal access to connectivity to women in developing countries and to recognize cutting-edge solutions such as AI-enabled robots to rebuild homes in post-disaster areas. Now is the time to scale up solutions that have proven effective, so that no one is left behind in the new digital era,” said Makhtar Diop, the World Bank’s Vice President for Infrastructure.

“Disruptive technologies are a fundamental driver of economic growth and job creation—and key to solving development challenges around the world. At IFC, we are proud to support the private sector in bringing these technologies to emerging markets, with innovations that range from portable ultrasound devices that can detect COVID-19 to medical tools that provide real-time cardiac diagnoses even in remote areas,” said Stephanie von Friedeburg, Interim Managing Director and Executive Vice President, and Chief Operating Officer at IFC.

We are thrilled to be continuing our work with the World Bank so the world’s best and brightest innovators at CES can collaborate with the World Bank Group to enter new markets, provide solutions and aid in development,” said Karen Chupka, EVP, CES, Consumer Technology Association (CTA).

Owned and produced by CTA, CES 2021 will be an all-digital experience connecting exhibitors, customers, thought leaders and media from around the world. CES 2021 will allow participants to hear from technology innovators, see cutting-edge technologies and the latest product launches, and engage with global brands and startups from around the world. For over 50 years, CES has been the global stage for innovation, and CES 2021 will provide an engaging platform for companies large and small to launch products, build brands and form partnerships.

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2020, one of three warmest years on record

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The COVID-19 pandemic was not the only long-term crisis the world will remember from 2020. In terms of climate change, the year was also one of the three warmest on record, and rivalled 2016 for the top spot, the UN weather agency said on Wednesday. 

“The confirmation by the World Meteorological Organization (WMO) that 2020 was one of the warmest years on record is yet another stark reminder of the relentless pace of climate change, which is destroying lives and livelihoods across our planet”, said Secretary-General António Guterres

He pointed out that at 1.2 degrees of warming above pre-industrial levels, the world is already witnessing unprecedented weather extremes in every region and on every continent.  

“We are headed for a catastrophic temperature rise of 3 to 5 degrees Celsius this century”, he warned. “Making peace with nature is the defining task of the 21st century. It must be the top priority for everyone, everywhere.”  

Powerful force 

La Niña, which began in late last year, is expected to continue into the early-middle part of 2021.   

“The exceptional heat of 2020 is despite a La Niña event, which has a temporary cooling effect”, said WMO Secretary-General Prof. Petteri Taalas.  

La Niña and El Niño effects on average global temperatures are typically strongest in the second year of the event. 

“It is remarkable that temperatures in 2020 were virtually on a par with 2016, when we saw one of the strongest El Niño warming events on record”, he added. “This is a clear indication that the global signal from human-induced climate change is now as powerful as the force of nature”.  

The extent to which the continued cooling effects of La Niña this year may temporarily diminish the overall long-term warming trend remains to be seen.  

Following atypical patterns  

WMO pointed to sustained heat and wildfires in Siberia, diminishing Arctic sea ice and record-breaking hurricanes in the Atlantic as being among the climate events that most stood out in 2020.  

The UN weather agency also reminded that temperature is just one climate change indicator. Greenhouse gas concentrations, ocean heat content, global mean sea level, sea ice extent and extreme events are also factors. 

Backed by science 

WMO’s consolidated global temperature update incorporates information from five leading international sets of data.  

It also uses datasets that combine millions of meteorological and marine observations, including from satellites, with models to produce a complete reanalysis of the atmosphere.  

“The combination of observations with models makes it possible to estimate temperatures at any time and in any place across the globe, even in data-sparse areas such as the polar regions”, according to WMO.  

Looking to the future  

The Paris Agreement aims to limit global warming to well below 2°C, preferably to 1.5°C degrees, compared to pre-industrial levels. 

However, the global average temperature in 2020 had already approached the lower limit of the temperature increase that the Agreement seeks to avert.  

Moreover, there is at least a one-in-five chance that the average global temperature will temporarily exceed 1.5 °C by 2024, according to WMO’s Global Annual to Decadal Climate Update, led by the United Kingdom’s Met Office. 

The 2021 Met Office annual global temperature forecast also suggests that next year will again be one of the earth’s hottest years.  

Updating its provisional December report, WMO will issue its final publication in March, which will incorporate temperature figures, information on all leading climate indicators and selected climate impacts. 

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Step up action and adapt to ‘new climate reality’-Report

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Though countries have made progress in planning for climate change adaptation, there are significant financing shortfalls in getting them to the stage where they provide real protection against droughts, floods and rising sea levels, a new UN environment report has found. 

According to the 2020 Adaptation Gap Report, released on Thursday by the UN Environment Programme (UNEP), as temperatures rise and climate change impacts intensify, nations must urgently step up action to adapt to the new climate reality or face serious costs, damages and losses. 

“The hard truth is that climate change is upon us,” Inger Andersen, UNEP Executive Director, said in a news release announcing the findings. 

“Its impacts will intensify and hit vulnerable countries and communities the hardest, even if we meet the Paris Agreement goals of holding global warming this century to well below 2 degrees Celsius and pursuing 1.5 degree Celsius.” 

Global commitment needed 

Annual adaptation costs in developing countries are estimated at $70 billion, but the figure could reach up to $300 billion in 2030, and $500 billion in 2050. Almost three-quarters of nations have some adaptation plans in place, but financing and implementation fall “far short” of what is needed, according to the UNEP report. 

Stepping up public and private finance for adaptation is, therefore, urgently needed. 

“As the Secretary-General has said, we need a global commitment to put half of all global climate finance towards adaptation in the next year … this will allow a huge step up in adaptation, in everything from early warning systems to resilient water resources to nature-based solutions,” Ms. Andersen added. 

Adaptation is a key pillar of the Paris Agreement on Climate Change. It aims to reduce countries’ and communities’ vulnerability to climate change by increasing their ability to absorb impacts.  

Nature-based solutions 

The UNEP report also underscored the importance of nature-based solutions as low-cost options that reduce climate risks, restore and protect biodiversity, and bring benefits for communities and economies. 

Its analysis of four major climate and development funds: the Global Environment Facility (GEF), the Green Climate Fund (GCF), the Adaptation Fund, and the International Climate Initiative (IKI), suggested that support for green initiatives with some element of nature-based solutions has risen over the last two decades.  

Cumulative investment for climate change mitigation and adaptation projects under the four funds stands at $94 billion. However, only $12 billion was spent on nature-based solutions, a tiny fraction of total adaptation and conservation finance, it added. 

Cutting emissions will reduce costs 

Cutting greenhouse gas emissions will reduce the impacts and costs associated with climate change, according to the report. Achieving the 2 degrees Celsius target of the Paris Agreement could limit losses in annual growth to up to 1.6 per cent, compared to 2.2 per cent for the 3 degrees Celsius trajectory. 

UNEP urged all nations to pursue the efforts outlined in its December 2020 Emissions Gap Report, which called for a green pandemic recovery and updated Nationally Determined Contributions (NDCs) that include new net-zero commitments.  

“However, the world must also plan for, finance and implement climate change adaptation to support those nations least responsible for climate change but most at risk,” the UN agency added. 

“While the COVID-19 pandemic is expected to hit the ability of countries to adapt to climate change, investing in adaptation is a sound economic decision,” it said. 

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