How the World Bank Will Help Nations Deliver on Their Paris Climate Commitments
One of the sticking points of the Paris climate negotiations was how to reduce global carbon emissions without putting an undue economic strain on developing nations. A shift in spending announced last week by the World Bank could help solve that problem by assisting developing nations with their climate plan implementation.
Under its new Climate Change Action Plan, all of the World Bank’s future spending would be eco-friendly, and 28 percent of new investments would be specifically focused on projects aimed at reducing emissions. As this UPI article explains, the World Bank believes climate change to be “the defining issue of our time,” and worthy of bold action.
Though the bank says they are making a “fundamental shift” away from reducing global poverty and towards climate change, their new approach will actually still do a great deal to ease poverty. The efforts they fund will help prevent famine, drought, rising seas, and displacement from extreme weather events. Their investments will help reduce climate-related health costs and create new clean energy jobs and industries. In short, their new plan has the potential to vastly improve the economic strength of developing countries, as well as making it easier for them to reach their climate goals.
By Shawn Price, contributor to UPI
The World Bank announced Thursday it is making a “fundamental shift” away from financing efforts to ease global poverty, towards tackling climate change.
The group, which provides financial assistance to the developing world, said all future spending under its new Climate Change Action Plan would be respectful of the environment and specifically 28 percent of new investments will fund projects that fight climate change.
The Climate Change Action Plan spells out the organization’s actions to help nations deliver on their commitments to the Paris climate conference – or COP21– agreements from December 2015 and puts forth ambitious goals in renewable energy, climate-friendly agriculture, green transportation and urban resilience in the developing world for 2020.
Photo credit: UPI/Stephen Shaver