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Globally Bangladesh is a Model for Poverty Reduction: World Bank

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The World Bank reiterated its commitment to help Bangladesh sustain high economic growth, as the World Bank Vice President for South Asia, Hartwig Schafer concluded a three-day visit to the country. 

“Bangladesh has proved that with commitment and determination of the government and the people, a country can come out of poverty and emerge as a low middle-income country within only a span of four decades,” said Schafer. “To accelerate growth and reach the next level of development, the country will need to create more and better jobs for its youth. A robust private sector, conducive business climate, skilled labor force, efficient infrastructure along with the right policies and quick actions will be critical.”

He met with the Honorable Prime Minister Sheikh Hasina and commended Bangladesh’s remarkable progress in economic development and poverty reduction. They discussed the country’s development priorities, and how the World Bank can support to sustain the impressive results it has achieved in the past few decades.

“The World Bank is committed to join Bangladesh on its journey to upper middle-income status, in close cooperation with the government, stakeholders, and development partners, and for the benefit of all people,” said Schafer.

The World Bank’s portfolio in Bangladesh has nearly doubled in the last six years and currently stands at $11.6 billion. Bangladesh is one of the largest beneficiaries of the World Bank’s International Development Association (IDA) that provides concessional credit to poor countries.

Earlier today, Schafer spoke at the Bangladesh Development Forum and praised the country’s development innovations, including its success in empowering women, which has been instrumental in boosting the country’s economic growth and development. He also met with the Honorable Finance Minister and other senior government officials, civil society representatives and development partners.

The World Bank was among the first development partners to support Bangladesh following its independence. Since then, the World Bank has committed over $30 billion, mostly in grants, interest-free and concessional credits to Bangladesh.

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Strength of IEA-ASEAN energy cooperation highlighted at Ministerial meeting

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IEA Executive Director Fatih Birol spoke today to Energy Ministers from across Southeast Asia about the latest global and regional energy trends, pathways to net zero emissions and the importance of clean energy investment.

He was participating in the seventh annual dialogue between the IEA and Ministers from the Association of Southeast Asian Nations (ASEAN) – the economic bloc comprised of 10 Southeast Asian economies. The meeting was hosted via video link by Brunei Darussalam, which is chairing ASEAN’s 39th annual Ministers on Energy Meeting (AMEM). 

“The IEA remains firmly committed to assisting ASEAN and its member states in developing pathways towards net zero that respect their capacities and capabilities,” Dr Birol told the Ministers. “One of the key messages from the IEA’s Roadmap to Net Zero by 2050 Roadmap is that not all countries are starting the race to net zero from the same place. I have and will continue to underscore the importance of ensuring that a greater share of global clean energy investment is directed towards the emerging and developing economies including in Southeast Asia to unlock new economic growth possibilities and emissions reductions.’’

This year’s ministerial marks the tenth anniversary of IEA-ASEAN energy cooperation, which was established with a Memorandum of Understanding at the 2011 AMEM in Brunei’s capital, Bandar Seri Begawan. The Ministers and Dr Birol welcomed the adoption of a Commemorative Statement on IEA-ASEAN Energy Cooperation. 

The IEA has significantly scaled up its work with ASEAN and its Member States over the past six years. Indonesia and Thailand became IEA Association Countries in 2015, and Singapore did so the following year. In 2019, under Thailand’s Chairmanship, the IEA was named a Strategic Partner of ASEAN.

The IEA is committed to continue working with ASEAN and its Member States on key energy priorities, including energy security, energy efficiency, clean energy, energy investments and decarbonisation. 

“On this, the tenth anniversary of our collaboration, the IEA is more determined than ever to continue to work hand in hand with our partners in the region to help achieve your energy goals,’’ Dr Birol said. “I very much look forward to the next ten years.” 

The ASEAN Chair in 2022 will be held by Cambodia.

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‘Tipping point’ for climate action: Time’s running out to avoid catastrophic heating

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The temporary reduction in carbon emissions caused by global COVID-19 lockdowns did not slow the relentless advance of climate change. Greenhouse gas concentrations are at record levels, and the planet is on path towards dangerous overheating, a multi-agency climate report published on Thursday warns. 

According to the landmark United in Science 2021, there “is no sign of growing back greener”, as carbon dioxide emissions are rapidly accelerating, after a temporary blip in 2020 due to COVID, and nowhere close to the targets set by the Paris Agreement.

 “We have reached a tipping point on the need for climate action. The disruption to our climate and our planet is already worse than we thought, and it is moving faster than predicted”, UN Secretary General António Guterres underscored in a video message. “This report shows just how far off course we are”, he added.

A world in danger

According to scientists, the rising global temperatures are already fueling devastating extreme weather events around the world, with escalating impacts on economies and societies. For example, billions of working hours have been lost due to excessive heat.

“We now have five times the number of recorded weather disasters than we had in 1970 and they are seven times more costly. Even the most developed countries have become vulnerable”, said the UN chief.

Mr. Guterres cited how Hurricane Ida recently cut power to over a million people in New Orleans, and New York City was paralysed by record-breaking rain that killed at least 50 people in the region.

“These events would have been impossible without human-caused climate change. Costly fires, floods and extreme weather events are increasing everywhere. These changes are just the beginning of worse to come”, he warned.

A bleak future

The report echoes some of the data and warnings from experts in the last year: the average global temperature for the past five years was among the highest on record, and there is an increasing likelihood that temperatures will temporarily breach the threshold of 1.5° Celsius above the pre-industrial era, in the next five years.

The picture painted by United in Science is bleak: even with ambitious action to slow greenhouse gas emissions, sea levels will continue to rise and threaten low-lying islands and coastal populations throughout the world.

“We really are out of time. We must act now to prevent further irreversible damage. COP26 this November must mark that turning point. By then we need all countries to commit to achieve net zero emissions by the middle of this century and to present clear, credible long-term strategies to get there”, urged the UN chief.

The 2021 United Nations Climate Change Conference, also known as COP26, is scheduled to be held in the city of Glasgow, Scotland between 31 October and 12 November 2021. The pivotal meeting is expected to set the course of climate action for the next decade.

We must urgently secure a breakthrough on adaptation and resilience, so that vulnerable communities can manage these growing (climate) risks…I expect all these issues to be addressed and resolved at COP26. Our future is at stake”, Mr. Guterres emphasized.

“We are not yet on track towards the Paris 1.5 to 2 degrees’ limit, although positive things have started to happen and the political interest to mitigate climate change is clearly growing but to be successful in this effort, we have to start acting now. We cannot wait for decades to act, we have to start acting already in this decade”, added Prof. Petteri Taalas, World Meteorological Organization’s secretary general.

The report also cites the conclusions of the most recent IPCC report: the scale of recent changes across the climate system are unprecedented over many centuries to many thousands of years, and it is unequivocal that human influence has warmed the atmosphere, ocean and land.

Notable findings

Concentrations of the major greenhouse gases – carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2 O) continued to increase in 2020 and the first half of 2021.

According to WMO, reducing atmospheric methane (CH4) in the short term, could support the pledges of 193 Member States made in Paris. This measure does not reduce the need for strong, rapid and sustained reductions in CO2 and other greenhouse gases.

Meanwhile, the UN Environment Program (UNEP), warns that five years after the adoption of the Paris Agreement, the emissions gap (the difference between where emissions are heading and where science indicate they should be in 2030) is as large as ever.

Although the increasing number of countries committing to net-zero emission goals is encouraging, to remain feasible and credible, these goals urgently need to be reflected in near-term policy and in significantly more ambitious actions, the agency highlights.

“Last year, we estimated that there was 5.6 per cent drop in emissions and since the lifetime of carbon dioxide is so long, this one year anomaly in emissions doesn’t change the big picture. We saw some improvements in air quality, these short-lived gases, which are affecting air quality. We saw positive evolution there. But now we have returned more or less back to the 2019 emission levels”, further explained the WMO chief.

A warmer future

The report explains that the annual global average temperature is likely to be at least 1 °C warmer than pre-industrial levels (defined as the 1850–1900 average) in each of the coming five years and is very likely to be within the range of 0.9 °C to 1.8 °C.

There is also a 40% chance that the average temperature in one of the next five years, will be at least 1.5 °C warmer than pre-industrial levels. However, it is very unlikely that the 5-year average temperature for 2021–2025 will pass the 1.5 °C threshold.

High latitude regions, and the Sahel, are likely to be wetter in the next five years, the report also warns.

Sea level rise is inevitable

“We don’t know what’s going to happen to the Antarctic glacier, where we have the biggest mass of ice worldwide and in the worst case, we could see up to two meters of sea level rise by the end of this century if the melting of the Antarctic glacier happens in a speedier manner”, cautioned Prof. Taalas.

Global sea levels rose 20 cm from 1900 to 2018, and at an accelerated rate from 2006 to 2018.

Even if emissions are reduced to limit warming to well below 2 °C, the global average sea level would likely rise by 0.3–0.6 m by 2100 and could rise 0.3–3.1 m by 2300.

Adaptation to the rise will be essential, especially along low-lying coasts, small islands, deltas and coastal cities, explains WMO.

World’s health also at risk

The World Health Organization (WHO) warns that rising temperatures are linked to increased heat-related mortality and work impairment, with an excess of 103 billion potential work hours lost globally in 2019 compared with those lost in 2000.

Moreover, COVID-19 infections and climate hazards such as heatwaves, wildfires and poor air quality, combine to threaten human health worldwide, putting vulnerable populations at particular risk.

According to the UN health agency, the COVID-19 recovery efforts should be aligned with national climate change and air quality strategies to reduce risks from cascading climate hazards, and gain health co-benefits.

“We had this temperature anomaly in western Canada and the United States, where we were up to 15 degrees warmer temperatures than normally. And that led to a record breaking, forest fires and major health problems, especially amongst elderly people”, highlighted WMO Secretary General.

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Finance

Dubai Chamber Continues Bolstering Economic Ties Between UAE And Africa

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United Arab Emirates has launched its 6th edition of Global Business Forum Africa (GBF Africa) that aims at scaling-up and strengthening multifaceted business with Africa. With its first class Emirates airline, the airline network will facilitate the participation in the forum of African leaders and corporate business leaders.

Under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, GBF Africa is bringing the trade and investment community back together to explore bilateral trade opportunities between Dubai and Sub-Saharan Africa.

Now in its 6th edition, Global Business Forum Africa facilitates international revenue flows by engaging leading decision-makers on the global investment scene. Influential stakeholders participate in constructive dialogue at the highest level, focusing on key economic developments and investment opportunities emerging across the continent.

This forum among other key objectives aims to build bridges between UAE and African business communities and explore untapped trade and investment potential. It represents an unprecedented opportunity for businesses of all sizes, international organizations and government entities from across the world, to come together to foster a more diversified and resilient global economy, inspire a vibrant business environment and drive sustainable growth.

Besides Africa, it has the Global Business Forum ASEAN established as a platform for insightful dialogue between government and business leaders in the UAE and ASEAN by identifying opportunities for mutual growth. The Regional Comprehensive Economic Partnership is set to re-shape global connectivity and add US$186 billion to global GDP by 2030.

It further launched in 2016, Global Business Forum Latin America that seeks to pave the way for long-lasting partnerships between business communities in the GCC, Latin America and Caribbean (LAC). The forum explores existing trade synergies and bilateral business opportunities, while strengthening Dubai’s position as a gateway for Latin American companies.

As expected, Heads of State, more than 30 Ministers, high-ranking Government officials and prominent influential business leaders from Africa have confirmed their participation for the sixth edition of the Global Business Forum Africa (GBF Africa), which takes place on October 13-14, 2021 at Expo 2020 Dubai.

Dubai Chamber is organizing GBF Africa 2021 in partnership with Expo 2020 Dubai under the theme “Transformation Through Trade” and the event will be held under the patronage of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The organizers have listed top-level participants including H.E. Filipe Nyusi, President of Mozambique; H.E. Felix Tshisekedi, President of Congo; H.E. Dr C.G.D.N. Chiwenga, Vice President of Zimbabwe; the Chief Minister of Jersey; the Secretary General of COMESA; more than 30 ministers and high-ranking African officials, including ministers from Ghana, Angola, Ethiopia, Uganda Zimbabwe and Liberia, Kenya, Botswana, Côte d’Ivoire, Mauritius, Mozambique, Namibia, Niger, Senegal, Seychelles, Congo and the Kingdom of Lesotho, as well as government officials from Rwanda and Kenya.

H.E. Reem Al Hashimy, UAE Minister of State for International Cooperation and Director General of Expo 2020 Dubai, said: “Countries from across the world that are participating in Expo 2020 are eager to widen and deepen their ties with Africa, and GBF Africa will be a crucial forum where the continent can share its plans and achievements, seek investments and solutions to its challenges and forge new relationships across the globe.”

H.E. Hamad Buamim, President and CEO of Dubai Chamber, said: “The success that GBF Africa has had in attracting African presidents, ministers and influential leaders to join its high-level talks reflects the forum’s position as a leading global platform for exploring investment opportunities in the African continent. It reinforces the crucial role played by Dubai’s wise leadership in expanding the emirate’s trade links with emerging markets around the world.”

According to Buamim, the Dubai Chamber is keen to continue its efforts to promote building strategic partnerships with the key players in the African business ecosystem. The Chamber is also committed to encouraging and supporting local and national companies to invest in African markets and enhance sustainable economic growth and development.

Ambareen Musa, Founder and CEO of Souqual in the UAE said: “As we grow and scale-up in the Middle East, this gives us a lot of exposure for potentially getting into Africa as a region.”

Through its network of international representative offices, trade missions and high-profile business forums, Dubai Chamber of Commerce & Industry works to raise Dubai’s profile as a global trade and investment hub. The Chamber represents more than 260,000 companies, making it one of the world’s largest membership-based Chambers of Commerce.

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