The World Bank, the international finance institution designed to fight poverty through sustainable solutions, has announced a dozen new initiatives to help countries grow their economies and at the same time invest in projects that build resilience to the effects of climate change.
Teeing off the famous 12 days of Christmas theme, here are the 12 ways the World Bank is supporting climate smart transformation globally:
Resilient Coasts: By facilitating crowd-in finance programs via a regional investment platform, coastal erosion and flooding in West Africa can be managed more effectively.
Climate Insurance: A new risk insurance program has been launched that can help relief efforts for vulnerable countries and speed up recovery in places such as the Philippines.
Agriculture: With climate-smart solutions, cocoa and chocolate producing countries and companies can take action to end deforestation.
Resilient Cities: Promoting city resilience programs can help connect hundreds of cities access the finance they need to adapt and invest in infrastructure.
Mobility: Investments in schemes to create a bus rapid transit system in Senegal will enhance urban mobility and at the same time reduce pollution and promote economic growth.
Forests/Landscapes: By restoring vital forests in Ethiopia, the coffee industry, a big driver of economic growth, can become more resilient to climate change.
Early Response: Investments in early warning and response systems across Africa will allow for better resilience to natural disasters and strengthen public and private investments.
Green Bonds: A new green bond fund specifically for emerging markets will help expand the financing possibilities for climate-related projects.
Carbon Pricing: By bringing together global leaders, more effective carbon reduction policies can be made to drive climate action.
Solar: A new 750 ultra-mega solar plant that will help power Delhi’s metro rail system in India is being financed.
Geothermal: In Indonesia, the World Bank is leading a coalition to develop large-scale geothermal energy in the region.
Energy Efficiency: A new energy services company is being backed in India, so the prices of LED bulbs can be lowered and more energy efficiency can be unlocked.