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World Bank Launches Inaugural Sustainable Development Bond Impact Report

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The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today published its first impact report covering all bond issuances and the entire portfolio of IBRD’s development activities. The Sustainable Development Bond Impact Report 2019 describes how IBRD bond proceeds support sustainable development across a variety of sectors and how projects support the Sustainable Development Goals (SDGs).

World Bank bonds support the financing of sustainable development projects and programs in member countries. A key priority for the World Bank’s capital markets’ engagement is building strategic partnerships with investors to promote the role of private sector financing in sustainable development.

The Sustainable Development Bond Impact Report is a key part of the World Bank’s efforts to engage market participants to support capital markets with strong transparency and disclosure standards and improve market participation to direct greater capital flows to sustainable purposes.

“World Bank Sustainable Development Bonds help investors implement environmental, social, and governance investment strategies, while achieving development impact goals,” saidAnshula Kant, Managing Director and World Bank Group Chief Financial Officer. “We are delighted to share this first-ever impact report on the entire portfolio of World Bank bonds, which promote disclosure and transparency and the power of capital markets to connect global savings to sustainable development finance. I want to thank our investors for their continued trust in the World Bank’s financial strength and ability to deliver support to the people who need it most, including our recent work to support countries during the COVID-19 pandemic.”

The report includes an overview of how the World Bank engages with investors when issuing Sustainable Development Bonds using the SDGs as a framework and highlights related transactions. The Impact Highlights section maps results to the SDGs for 71 IBRD projects completed in fiscal year 2019 and provides forward looking information for the 84 projects that were approved and started disbursing in fiscal years 2018 and 2019 – the period for which IBRD introduced detailed use of proceeds language for its bonds. The report also provides information on the World Bank Group’s response to the coronavirus pandemic including examples of projects in countries eligible for IBRD financing.

The impact report was prepared in consultation with investors and other capital market stakeholders, as an integral part of the process, to ensure the report met investor expectations. In addition to providing information on results, the report outlines the World Bank’s operational processes and safeguards and alignment of its bond issuance with market frameworks, namely the Sustainability Bond Guidelines coordinated by the International Capital Market Association.

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Development

An Education Reform Path for Lebanon

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Lebanon needs to urgently embark on a comprehensive reform agenda that puts students at the center of the education sector and prioritizes quality of education for all, according to a new World Bank report released today. Low levels of learning and skills mismatch in the job market have put the future of generations of Lebanese children at risk and imply a critical need for more and better targeted investments in the sector.

The report, titled “Foundations for Building Forward Better: An Education Reform Path for Lebanon”, presents an overview of key challenges facing the education sector. It provides evidence-based solutions founded on a diagnostic of the factors contributing to the learning crisis and proposes policy reform recommendations over the short- and medium- to long-terms. The proposed reform plan is in line with the objectives of the Ministry of Education and Higher Education’s 5-year draft sector plan, which aims to improve equity, learning outcomes, and governance in education. The report also draws from the latest available education sector research, including studies conducted under the Research for Results Program launched back in 2016. 

The compounded crises that have assailed Lebanon over the past several years –Syrian refugee influx, economic and financial crisis, the COVID-19 pandemic, and the Port of Beirut blast– have all put severe strains on an already struggling education system. Pre-COVID-19 learning levels were already comparatively low, with only 6.3 years of learning taking place, after schooling is adjusted for actual learning. The global pandemic has led to extended school closures since March 2020, which will likely result in a further and significant decrease in learning. Effectively, students in Lebanon are facing a “lost year” of learning. Despite efforts to reopen schools, a more systematic approach for planning at the district level, in close collaboration with regional education office directors, is needed as the response requires local solutions. 

Lebanon needs to urgently reform the education sector and build forward better,” said Saroj Kumar Jha, World Bank Mashreq Regional Director. “Now more than ever, Lebanon needs to invest more and better in improving learning outcomes for children and making sure Lebanese youth are well equipped with the right skills required by the job market to enable them to contribute to Lebanon’s economic recovery”.

The multiple crises and the resulting increase in poverty rates, with more than half the population likely below the national poverty line, have also directly impacted demand for education and student retention. The contraction in the economy, plummeting purchasing power and the steep deterioration in living conditions will likely lead more parents to shift their children to public schools in the coming years, as well as higher student drop-outs, especially among marginalized households. The report presents key aspects for restructuring the education sector financing in support of a more efficient and equitable system and to prevent further learning loss. 

The report puts forward for discussion sector-wide mid-term reform recommendations across seven key strategic areas: I) Restructuring Sector Financing; II) Diagnostics to Support Overcoming the Learning Crisis; III) Improvements of Teacher Utilization and Quality of Teaching; IV) School Environment and School Accountability Measures; V) Education Strategy and Curriculum Reform; VI) Early Childhood Education; and VII) School to Work Transitions and Youth. These recommendations for action tackle key challenges within the sector and approaches towards addressing the growing learning crisis and meeting the increased demand for public education in the country while regaining equity and efficiency.

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Human Rights

First international treaty to address violence and harassment comes into force

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The first international treaty on violence and harassment in the world of work comes into force on June 25th 2021 – two years after it was adopted by the ILO’s International Labour Conference (ILC).

To date, six countries have ratified the Violence and Harassment Convention, 2019 (No. 190)  – Argentina, Ecuador, Fiji, Namibia, Somalia and Uruguay. Ratifying countries are legally bound by the provisions of the Convention a year after ratification.

Together with Recommendation No. 206 , Convention No. 190 recognizes the right of everyone to a world of work free from violence and harassment and provides a common framework for action.

It provides the first international definition of violence and harassment in the world of work, including gender-based violence and harassment.

Violence and harassment at work takes a range of forms and leads to physical, psychological, sexual and economic harm. Since the adoption of the Convention, the COVID-19 pandemic  has further highlighted the issue, with many forms of work-related violence and harassment being reported across countries since the outbreak began, particularly against women and vulnerable groups.

To mark its entering into force the ILO will launch a global campaign to promote its ratification and implementation. The campaign aims to explain in simple terms what the Convention is, the issues it covers and how it seeks to address violence and harassment in the world of work.

“A better future of work is free of violence and harassment,” said Guy Ryder, the ILO Director-General in his message to launch the global campaign.

“Convention 190 calls on all ILO Member States to eradicate violence and harassment in all its forms from the world of work. I urge countries to ratify the Convention and help build, together with employers and workers and their organizations, a dignified, safe and healthy working life for all.”

The global campaign will be launched during the ILO Action Week on Convention No. 190 , which takes place 21-25 June 2021.

The Action Week calls for renewed commitment from countries to ratify and implement the Convention.

The Action Week begins on 21 June with a virtual high-level dialogue . The speakers will include the ILO Director-General, Ministers of Labour from Argentina and Madagascar, and representatives of the International Organisation of Employers (IOE), the International Trade Union Confederation (ITUC) and the Inter-Parliamentary Union (IPU).

Following the Action Week, the ILO will launch a guide aimed at helping constituents and other stakeholders promote and implement the Convention and Recommendation. The guide covers core principles and measures that countries can take to prevent, address and eliminate violence and harassment in the world of work, including examples of national laws, regulations and policies.

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Environment

A beginner’s guide to sustainable farming

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Industrialized farming has been a reliable way to produce lots of food at a relatively low cost. But it’s not the bargain it was once believed to be. Unsustainable agriculture can pollute water, air and soil; is a source of greenhouse gases, and destroys wildlife. All told that costs economies about $3 trillion every year. And to top it all off, some farming practices have been linked to the emergence of zoonotic diseases, such as COVID-19.

18 June is Sustainable Gastronomy Day, which celebrates local cuisine that is produced in ways that are both environmentally friendly and minimize waste. To mark the occasion, we take a closer look at how to make agriculture more sustainable and what that would mean for the economy, the environment and human health.

What exactly is sustainable agriculture?

It is farming that meets the needs of existing and future generations, while also ensuring profitability, environmental health and social and economic equity. It favours techniques that emulate nature–to preserve soil fertility, prevent water pollution and protect biodiversity. It is also a way to support the achievement of global objectives, like the Sustainable Development Goals and Zero Hunger.

Does sustainable agriculture really make a difference to the environment?

Yes. It uses up to 56 per cent less energy per unit of crops produced, creates 64 per cent fewer greenhouse gas emissions per hectare and supports greater levels of biodiversity than conventional farming.

Why does sustainably produced food seem more expensive?

It may be more costly because it is more labour-intensive. It is often certified in a way that requires it to be separated from conventional foods during processing and transport. The costs associated with marketing and distribution of relatively small volumes of product are often comparatively high. And, sometimes, the supply of certain sustainably produced foods is limited.

Why are some foods so much more affordable–even when they require processing and packaging?

The heavy use of chemicals, medicines and genetic modification allows some foods to be produced cheaply and in reliably high volumes, so the retail price tag may be lower. But this is deceiving because it does not reflect the costs of environmental damage or the price of healthcare that is required to treat diet-related diseases. Ultra-processed foods are often high in energy and low in nutrients and may contribute to the development of heart disease, stroke, diabetes and some forms of cancer. This is particularly concerning amid the COVID-19 pandemic; the disease is especially risky for those with pre-existing health problems.

Do we all have to be vegan?

No. But most of us should eat less animal protein. Livestock production is a major cause of climate change and in most parts of the world, people already consume more animal-sourced food than is healthy. But even small dietary shifts can have a positive impact. The average person consumes 100 grams of meat daily. Reducing that by 10 grams could improve human health while reducing greenhouse gas emissions. 

Is sustainable agriculture possible in developing countries?

Yes. Because sustainably produced food is typically more labour-intensive than conventionally made food, it has the potential to create 30 per cent more jobs. And because it can command higher prices, it can also generate more money for farmers.

Is it possible to make sustainably produced food that is affordable for everyone?

Yes. As demand for certain foods increases, the costs associated with production, processing, distribution and marketing will drop, which should make them less expensive for consumers.  Policymakers can also play a role, facilitating market access and leveling the financial and regulatory playing field.

If it is so important, why hasn’t sustainable farming been adopted as a global standard?

There is a lack of understanding of the way that agriculture, the environment and human health intersect. Policymakers do not typically consider nature as a form of capital, so legislation is not designed to prevent pollution and other kinds of environmental degradation. And consumers may not realize how their dietary choices affect the environment or even their own health. In the absence of either legal obligations or consumer demand, there is little incentive for producers to change their approach.

What are some ways to consume food more sustainably?

Diversify your diet and cook more meals at home. Eat more plant-based foods; enjoy pulses, peas, beans and chickpeas as sources of protein. Eat local, seasonal foods. Purchase sustainably produced foods and learn more about farming practices and labeling. Avoid excessive packaging, which is likely to end up as landfill. Don’t waste food: eliminating food waste could reduce global carbon emissions by 8-10 per cent. Cultivate your own garden, even if it is a small one in your kitchen. Support organizations, policies and projects that promote sustainable food systems. And discuss the importance of healthy and sustainable foods with producers, vendors, policymakers, friends and family.

UN Environment

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