The World Bank approved today a $310 million loan to reduce and mitigate flood risks in the lower Kelani basin in Colombo and improve weather forecasting and early warning systems across Sri Lanka.
The Climate Resilience Multi-Phase Programmatic Approach project is the first of a three-phase investment program totaling $774 million and to be implemented over 8 years.
Sri Lanka ranked second among countries most affected by extreme weather events in 2017 and is expected to see a 1.2 percent annual GDP loss by 2050 due to climate change. Floods impacted around 14 million people between 2010 and 2018 and droughts affected about 12 million people. Evidence suggests flood frequency will increase and that nearly 87 percent of Sri Lankans are living in areas likely to experience extreme temperatures and rainfall that will impact their lives.
“This comprehensive climate resilience program will reduce losses to people’s livelihoods and public assets while reducing shocks on the economy,” said Idah Z. Pswarayi-Riddihough, World Bank County Director for Nepal, Sri Lanka and Maldives. “Compelling evidence has informed this long-term program which will help the government build socially responsive infrastructure and communication systems to protect lives and assets.”
The program aligns with the government’s plans to ensure fiscal and physical resilience and reduce the vulnerability of Sri Lanka’s economy in the aftermath of the 2016 and 2017 floods. The new forecasting systems are expected to benefit the entire nation, including 3.5 million beneficiaries living in flood-prone areas in 25 river basins.
Federica Ranghieri and Suranga Kahandawa World Bank Senior Disaster Management Specialists and Task Team Leaders emphasized that the data used in the project will help inform the public and policymakers in decision making related to responding to climate change threats.
The project, financed by the International Bank for Reconstruction and Development, consists of a loan with a maturity of 32 years including a grace period of 7 years. The first phase of the Program will be implemented over a five-year period and preparation of the following phases will overlap to ensure effective implementation. The Program has been designed with flexibility for adaptive learning and the potential for private sector participation.
Climate change: Scientists warn over impact on food security and oceans
UN climate scientists presented MEPs with new evidence on how climate change is affecting food production and oceans.
The Intergovernmental Panel on Climate Change is the United Nations body for assessing the science related to climate change. In August, it presented a report on climate change and land and in September one on the oceans and cryosphere in a changing climate. The reports are the latest scientific input for the UN climate summit COP25 to be held in Madrid in December.
The scientists behind the reports presented their findings to Parliament’s environment, development and fisheries committees on Wednesday 6 November.
Food production and climate change a two-way street
Professor Jim Skea told MEPs climate change was exacerbating land degradation, such as erosion and pollution, which in turn affects infrastructure and people’s livelihoods. Better land management can help tackle climate change but it must be complemented by other action, he added.
Dr Jean-François Soussana noted that the food system accounts for between a fifth and a third of all greenhouse gas emissions caused by humans. At the same time, climate change affects food security through declining crops of wheat and maize. He warned that in future the stability of our food supply would decrease further as the magnitude and frequency of extreme weather events increases.
Melting ice, rising seas
According to scientists, the rise in sea level is accelerating, mainly due to the Greenland and Antarctic ice sheets melting faster.
Professor Hans-Otto Pörtner warned that in a business as usual scenario the sea level is estimated to rise about five metres by 2300. In addition, in warming oceans marine life has access to less oxygen and nutrients, putting food security at risk for communities dependent on seafood.
Pörtner added: “To minimise the severity of the impact of climate change, every bit of warming matters, each year matters, each choice matters, and most importantly, political and societal will matters.”
Trade and Development Bank, UNEP to collaborate on climate finance
In a pledge to continue stepping-up its commitment to climate change mitigation and adaptation action, the Eastern and Southern African Trade and Development Bank (TDB) signed a Memorandum of Understanding today with the UN Environment Programme (UNEP).
The MOU effectively establishes a framework of cooperation through which the two institutions can collaborate in a number of areas critical to the global environmental agenda.
In the field of clean energy finance, TDB and UNEP will work to enhance investment opportunities for both public and private finance to support the dissemination of clean energy technologies. This will include supporting the early stage development and project finance of renewable energy projects, as well as the development of financing mechanisms to allow access to smaller-scale sustainable energy and energy-efficient appliances for household and productive use.
Additionally, the two institutions will cooperate on supporting eligible TDB Member States to access Green Climate Fund resources to enable them to adapt to the changing climate and develop along a low-emission pathway.
“As a member of the International Development Finance Club, a leading global group of development financiers advancing the Sustainable Development Goals (SDGs) and climate finance, TDB works closely with its partners to implement the 2030 SDG Agenda as well as the Paris Climate Agreement. With global partners such as UNEP, we expect to more seriously realize the international commitment to support Africa to grow and develop sustainably,” said Admassu Tadesse, TDB President and Chief Executive.
Michael Awori, TDB Chief Operating Officer, added that “our commitment is evidenced by the fact that 70% of our power sector portfolio is in renewable energy. With this track record, we are the right partner with whom to co-finance and support more sustainable growth and development projects across various sectors.”
“While Eastern and Southern African economic growth continues to be strong, there is great potential to harness clean energy in the region. UNEP and TDB are partnering to support wide dissemination of clean energy technologies and unlock the financial resources needed to meet the challenges of the 2030 Agenda for Sustainable Development,” said Joyce Msuya, Deputy Executive Director of UNEP.
CLEANTECH: A Catalyst for Climate Action
On the third day of the 18th Session of its General Conference, the United Nations Industrial Development Organization (UNIDO) organized an event on innovative Cleantech solutions supported by UNIDO and its partners, which showcased their high potential to address environmental challenges, especially as a catalyst for Climate Action and the Clean Energy Transition.
The importance of strong and synergistic network partnerships to fulfill a Cleantech solution’s full impact potential – from situational analysis and needs assessment to full-scale commercialization and deployment – was discussed, with an emphasis on closing the financing gap typically experienced by Cleantech enterprises and project developers.
The event further highlighted the broader elements of innovation and entrepreneurship in the Energy Transition, with entrepreneurs sharing their experiences in starting and scaling up impactful ideas and products. Financing models for Cleantech and innovative solutions were introduced, with a view of transforming the investment paradigms and approaches currently applied to Cleantech. Concurrently, the CTCN support was presented, as also applied to youth, men and women.
As such, the event concluded that Cleantech technologies are a crucial and catalytic factor in implementing the global vision of a low-carbon, climate-resilient and sustainable future for all, as outlined in the Paris Agreement. Furthermore, the event deemed very important that economic opportunities embedded in the low-carbon trajectory are leveraged to become profitable business models for climate and energy solutions.
Finally, the event shared insights and recommendations on how the international development community and the private sector could further support climate action and the clean energy transition by promoting the development and deployment of innovative Cleantech solutions.
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