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World Bank Group Announces $200 billion over Five Years for Climate Action

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The World Bank Group today announced a major new set of climate targets for 2021-2025, doubling its current 5-year investments to around $200 billion in support for countries to take ambitious climate action. The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries. The plan also represents significantly ramped up ambition from the World Bank Group, sending an important signal to the wider global community to do the same.

“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change,” World Bank Group President, Jim Yong Kim said. “We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same. This is about putting countries and communities in charge of building a safer, more climate-resilient future.”

The $200 billion across the Group is made up of approximately $100 billion in direct finance from the World Bank (IBRD/IDA), and approximately $100 billion of combined direct finance from the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) and private capital mobilized by the World Bank Group.

A key priority is boosting support for climate adaptation, recognizing that millions of people across the world are already facing the severe consequences of more extreme weather events. By ramping up direct adaptation finance to reach around $50 billion over FY21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions.

“People are losing their lives and livelihoods because of the disastrous effects of climate change. We must fight the causes, but also adapt to the consequences that are often most dramatic for the world’s poorest people,” said World Bank Chief Executive Officer, Kristalina Georgieva. “This is why we at the World Bank commit to step up climate finance to $100 billion, half of which will go to build better adapted homes, schools and infrastructure, and invest in climate smart agriculture, sustainable water management and responsive social safety nets.”

The new financing will ensure that adaptation is undertaken in a systematic fashion, and the World Bank will develop a new rating system to track and incentivize global progress. Actions will include supporting higher-quality forecasts, early warning systems and climate information services to better prepare 250 million people in 30 developing countries for climate risks. In addition, the expected investments will build more climate-responsive social protection systems in 40 countries, and finance climate smart agriculture investments in 20 countries.

“There are literally trillions of dollars of opportunities for the private sector to invest in projects that will help save the planet,” said IFC CEO Philippe Le Houérou. “Our job is to go out and proactively find those opportunities, use our de-risking tools, and crowd in private sector investment. We will do much more in helping finance renewable energy, green buildings, climate-smart agribusiness, urban transportation, water, and urban waste management.”

The new targets build on the World Bank Group’s 2016 Climate Change Action Plan. In 2018, the World Bank Group provided a record-breaking $20.5 billion in finance for climate action: doubling delivery from the year before the Paris Agreement and meeting its 2020 target two years ahead of schedule.

The World Bank Group will continue to integrate climate considerations into its work, including screening projects for climate risks and building in appropriate risk mitigation measures, disclosing both gross and net greenhouse gas emissions, and applying a shadow carbon price for all material investments.

To increase system-wide impact for countries, the World Bank Group will support the integration of climate considerations in policy planning, investment design, implementation and evaluation. It will also support at least 20 countries implement and update Nationally Determined Contributions and increase engagement with Ministries of Finance in the design and implementation of transformative low-carbon policies.

In key sectors, efforts will include:

  • In Energy: Support the generation, integration, and enabling infrastructure for 36 GW of renewable energy and support 1.5 million GWh equivalent of energy savings through efficiency improvement;
  • In Cities: Help 100 cities achieve low-carbon and resilient urban planning and transit-oriented development;
  • In Food and Land-Use: Increase integrated landscape management in up to 50 countries, covering up to120 million hectares of forests.

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Tackling e-waste challenges in Latin America

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photo: UNIDO

The issue of e-waste continues to represent a threat to both the global environment and human health, and it shows no signs of slowing down anytime soon. E-waste is the quickest-growing waste stream in the world.

Currently, the world produces approximately 50 million tonnes of e-waste a year. This equals the total weight of all the commercial airliners ever made. This figure is predicted to rise to 120m tonnes by 2050.

From 17–22 March, political and technical representatives from 13 countries across Latin America and e-waste experts from around the world will meet in San Jose, Costa Rica, to discuss how to tackle the e-waste landscape in the region.

The second Expert Meeting on the Effective Management and Disposal of E-waste in Latin America under the Stockholm Convention on Persistent Organic Pollutants is being convened by the United Nations Industrial Development Organization (UNIDO), in cooperation with the Ministry of Health of Costa Rica and with co-financing from the Global Environment Facility (GEF.

The meeting is part of a UNIDO-GEF project to assist 13 Latin American countries both technically and financially, advising on e-waste policies and regulations, suitable management technologies, business models, capacity-building, and awareness-raising.

At the national level, the project seeks to strengthen policies and train technical staff and government officials. At the regional level, the project seeks to harmonize key aspects of e-waste policies and strengthen regional cooperation and knowledge exchange. A key element of this year’s Expert Meeting is the E-waste Academy for Managers with the participation of renowned e-waste management experts.

UNIDO collaborates with a large number of organizations on the project, including the United Nations University (UNU), the International Labour Organization (ILO), the International Telecommunications Union (ITU), and the World Health Organization (WHO), as well as various other partners, such as Dell, Microsoft, RELAC and the International Solid Waste Association (ISWA).

The meeting coincides with Global Recycling Day on 18 March. Launched in 2018, the Day is an initiative of the Global Recycling Foundation to help recognize and celebrate the importance of recycling for preserving precious primary resources.

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China to host World Environment Day 2019 on air pollution

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Today, the head of Chinese delegation, Zhao Yingmin, Vice Minister of Ecology and Environment, and Joyce Msuya, Acting Head of UN Environment, jointly announced that China will host the global World Environment Day celebrations on 5 June 2019 with a theme of air pollution.

Approximately 7 million people worldwide die prematurely each year from air pollution, with about 4 million of these deaths occurring in Asia-Pacific. World Environment Day 2019 will urge governments, industry, communities, and individuals to come together to explore renewable energy and green technologies, and improve air quality in cities and regions across the world. 

The Government of China has committed to organizing World Environment Day celebrations across multiple cities, with Hangzhou, in the province of Zhejiang, to host the main event.

The announcement comes as environment ministers from across the globe participate in the world’s highest-level environmental forum in Nairobi. Negotiations at the Fourth UN Environment Assembly 11-15 March are expected to tackle critical issues such as stopping food waste and promoting the spread of electric cars. It also follows the publication of a review report of 20 Years’ of air pollution control in Beijing.

“China will be a great global host of 2019’s World Environment Day celebrations,” said Joyce Msuya at the announcement on Friday. “The country has demonstrated tremendous leadership in tackling air pollution domestically. It can now help spur the world to greater action. Air pollution is a global emergency affecting everyone. China will now be leading the push and stimulating global action to save millions of lives.”

China with its growing green energy sector, has emerged as a climate leader. The country owns half the world’s electric vehicles and 99 percent of the world’s electric buses. By hosting World Environment Day 2019, the Chinese government will be able to showcase its innovation and progress toward a cleaner environment.

According to a new UN report on air pollution in Asia and the Pacific, implementing 25 technology policies could see up to a 20 per cent reduction in carbon dioxide and a 45 per cent reduction in methane emissions globally, leading to a third of a degree Celsius saving of global warming.

World Environment Day is a UN Environment-led global event, which takes place on June 5 every year and is celebrated by thousands of communities worldwide.

Since it began in 1972, it has grown to become the single largest celebration of our environment each year.

Air Pollution facts:

  • 92 per cent of people worldwide do not breathe clean air
  • Air pollution costs the global economy $5 trillion every year in welfare costs
  • Ground-level ozone pollution is expected to reduce staple crop yields by 26 per cent by 2030

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Reducing carbon emissions: EU targets and measures

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To prevent dangerous climate change, the EU has committed to cut its greenhouse gas emissions by at least 40% below 1990 levels by 2030 under the Paris Agreement .

In November 2018, the European Commission presented a long-term strategy for the EU to achieve a climate-neutral economy by 2050, including eight possible pathways.

Ahead of a European Council meeting in May, where EU leaders are expected to adopt the strategy, the European Parliament adopted a resolution outlining its recommendations on 14 March 2019.

MEPs called for the EU to raise the 2030 emission reduction target and reiterated the Parliament’s position to allocate at least 35% of the EU’s expenditure on research to support climate objectives.

To reach its climate goal, the European Union has come up with ambitious legislation.

An Emissions Trading System for industry

The EU’s Emissions Trading System (ETS) aims to reduce the industry’s carbon emissions by obliging companies to hold a permit for each tonne of CO2 they emit. Companies have to buy them through auctions. There are some incentives to boost innovation in the sector.

The European Emissions Trading System is the world’s first major carbon market and remains the largest one. It regulates about 45% of total EU greenhouse gas emissions and covers approximately 11,000 power stations and manufacturing plants in the EU. The goal is to reduce emissions by 43% compared to 2005.

Tackling carbon emissions from other sectors

Sectors not covered by the Emissions Trading System – such as transport, agriculture, buildings and waste management – still account for nearly 60% of the EU’s overall emissions. Emissions from these sectors will be cut by 30% by 2030 compared to 2005.

This will be done through agreed national emission targets which are calculated based on countries’ gross domestic product per capita. Lower-income EU countries will be provided with support.

Managing forests for climate change

EU forests absorb the equivalent of 10.9% of total EU greenhouse gas emissions each year. The EU wants to use this power to fight climate change.

New legislation aims to prevent emissions caused by deforestation and oblige each EU country to compensate changes in land use, which lead to emissions of CO2, by better managing or increasing their forests.

Reducing car emissions

Cars and vans produce 15% of EU’s CO2 emissions. The EU is working on legislation to toughen car emissions standards. The Parliament is also calling for measures to facilitate the shift to electric and hybrid vehicles.

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