World Bank partners with the Global Covenant of Mayors and will lend $4.5 billion USD to ensure 150 cities have the funds to implement initiatives to increase sustainability and resilience and fight climate change.
Global Covenant of Mayors and World Bank Announce Partnership to Fight Climate Change
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Towards a Climate-Smart World: 12 Ways for a Resilient Future
The ceiling of Rai Tabusoro’s home was ripped away by catastrophic winds. The 43-year-old was able to save the life of his elderly mother by placing her in a concrete bathroom, as well as a pregnant woman who he carried to shelter.
In the same Fijian village, Asmita Kamal, a 24-year-old teacher, found shelter under a table with her grandmother while her family hid under a bed as Cyclone Winston blasted through their village. Despite their best efforts to secure their house, strong winds swept away just about everything.
In early 2016, the Fiji province of Ra was hit by Cyclone Winston, the biggest storm ever recorded in the Southern Hemisphere, impacting 62% of the Fiji population and caused F$2 Billion in damage (20% of GDP). It killed 44 people, injured hundreds and left 131,000 people homeless. The Category 5 storm first made landfall in Ra, leaving its communities completely devastated.
Cyclone Winston was an example of new enemies facing communities. Enemies that are linked to climate change.
And 2017 was no better. It’s been a year of catastrophic climate events. Record-breaking hurricanes claimed lives and destroyed infrastructure across several island states in the Caribbean and in towns and major cities in the southern United States. Whenever extreme weather events like hurricanes and cyclones strike, they leave more than just a trail of devastation—they also leave communities further in the grip of poverty because poor people are more likely to live in fragile housing in disaster-prone areas, and work in sectors dangerously susceptible to extreme weather events, like farming and agriculture. In the end, the impact of a storm, flood, drought or earthquake is more than twice as significant for poor people than anyone else.
Taking action to reduce the carbon dioxide emissions that are causing climate change while also building resilience to more frequent and more extreme weather events, is now critical to development the world over.
Source: World Development Indicators
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12 Ways The World Bank Group is Supporting a Climate-Smart Transformation
Since the Paris Agreement in 2015, the World Bank Group has been ramping up climate action and stepping up efforts to mobilize finance for climate action to help countries transition to a low-carbon, more resilient world.
December 12, 2017 marks the two-year anniversary of the Paris Agreement’s adoption. Leaders from around the world will gather in Paris to reaffirm the world’s commitment to the fight against climate change. Here are 12 ways we are working with our partners to help countries make the shift to a climate-smart world.
Banner and thumbnail photo credits to Jutta Benzenberg/World Bank
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Bonn Climate Conference Becomes Launch-Pad for Higher Ambition
Momentum Builds With New Financial Commitments on Insurance and Forests to Scaled-Up Climate Action by Governments, Cities and Companies
Nations agreed today to launch the next steps towards higher climate action ambition before 2020 at the close of the annual UN climate conference held in the German city of Bonn.
Backed by a wide range of positive announcements from governments, cities, states, regions, companies and civil society, delegates from over 190 countries agreed to a 12-month engagement focusing on ‘Where are we, where do we want to go and how do we get there?’
The ‘Talanoa Dialogue’, inspired by the Pacific concept of constructive discussion, debate and story-telling, will set the stage in Poland in 2018 for the revising upwards of national climate action plans needed to put the world on track to meet pre-2020 ambition and the long-term goals of the two-year old Paris Agreement.
The Paris Agreement's central goal is keep the global average temperature rise below 2 Celsius and as close as possible to 1.5—the lower limit is deemed crucial for survival by many small islands and vulnerable countries.
Over one degree of this rise has already occurred since pre-industrial times. The current set of national climate action plans, known as NDCs, are still heading for a path towards 3 Celsius, possibly more.
Frank Bainimarama, President of the conference also known as ‘COP23’ and Prime Minister of Fiji, said:
“I’m very pleased that COP23 has been such a success, especially given the challenge to the multilateral consensus for decisive climate action. We have done the job we were given to do, which is to advance the implementation guidelines of the Paris Agreement and prepare for more ambitious action in the Talanoa Dialogue of 2018.”
Frank Bainimarama, Fijian Prime Minister, COP23 President
“There has been positive momentum all around us. And Fiji is especially gratified how the global community has embraced our concept of a Grand Coalition for greater ambition linking national governments with states and cities, civil society, the private sector and ordinary men and women around the world,” he said.
“We leave Bonn having notched up some notable achievements, including our Ocean Pathway, the historic agreement on agriculture and others on a Gender Action Plan and Indigenous People’s Platform. We have also secured more funding for climate adaptation and launched a global partnership to provide millions of climate-vulnerable people the world over with affordable access to insurance.”
“I want to warmly thank our hosts, the German Government and the UNFCCC, as well as the residents of Bonn. We brought our Fijian Bula Spirit to COP and it’s been wonderful how people responded. Vinaka vakalevu. Let’s all leave rededicating ourselves to more ambitious action on climate change by moving Further, Faster, Together in the year ahead,” said Mr. Bainimarama.
A report launched by the International Renewable Energy Agency during the conference has found that many countries now have higher renewable energy targets than are stated in their national climate action plans or NDCs – indicating that in some countries, at least in respect to green energy, higher ambition is already being locked in A special scientific report, produced for the conference by Future Earth and the Earth League, says renewable energy expansion around the globe is doubling around every 5.5 years--consistent with the complete de-carbonization of the energy sector by mid-centuryPatricia Espinosa, Executive Secretary of the UN Climate Change secretariat which hosted the conference with support from the Government of Germany, said: “COP23 in Bonn came against a backdrop of severe and unprecedented natural calamities that hit homes, families and economies in Asia, the Caribbean and the Americas – these reminded us of the urgency of our collective task.”
Patricia Espinosa, Executive Secretary of the UN Climate Change secretariat
“The conference has, with the adoption of the Talanoa Dialogue, delivered a launch-pad that can take us to that next stage of higher ambition. It has also advanced the implementation guidelines of the Paris Agreement so that by 2018 it can truly support sustained international cooperation and national efforts to realize a more secure, prosperous and better world for all,” she said.
“But Bonn 2017 did more than that – it underlined that support for the Paris Agreement is strong and that the journey upon which the world has embarked is an unstoppable movement supported by all sectors of society, across all parts of the globe.” said Ms Espinosa.
With so many climate action pledges and initiatives, a further strong message from all sides at COP23 was the growing need to coordinate efforts across policy, planning and investment to ensure that every cent invested and every minute of work contributed results in a much greater impact and boosts ambition under the national climate plans.
COP23 Uniting for Climate Action. Photo Credits: Max Thabiso Edkins/Connect4Climate
Outcomes and Highlights of the 2017 UN Climate Conference
The COP23 President and the UN Climate Change Executive Secretary outlined some highlights from the 2017 UN climate conference as a result of the negotiations; the Marrakech Partnership for Global Climate Action and the myriad of High-Level and other events.
Long-term Finance – Countries welcomed progress but also urged greater efforts to deliver the agreed USD 100 Billion per year by 2020 for support to developing countries to take climate action Adaptation Fund Exceeds 2017 Target – The target for funding this year was $80 million, but funding announcements including by Germany and Italy has exceed this by over $13 million taking the total to $93.3 million Historic Breakthrough in Agriculture – there was an historic political breakthrough in respect to agriculture that may lead to a faster and more coordinated response by nations to address a sector that is the second biggest emitter after energy The Government of Norway, the multinational company Unilever and other partners announced a $400 million fund to support more efficient agriculture, smallholder farmers and sustainable forest management Gender Action Plan – The crucial role of women in combating climate change will be formally supported through the plan. This is important given that women tend to be especially vulnerable to climate change impacts and should not be excluded from decision-making regarding actions and solutions. The Plan aims to make women part of all climate change projects and decisions internationally and nationally Local Communities and Indigenous People’s Platform – A political and practical achievement that aims to support the full and equal role of indigenous people in climate action while recognizing the responsibility of governments to respect the rights of indigenous peoples in these decisions Launch of the Ocean Pathway Partnership – It aims, by 2020, to strengthen action and funding that links climate change action with healthy oceans including through the UN Climate Change process and via more explicit aims and ambitions in national climate action plans Launch of Network of Pacific Island Journalists - Ten award-winning media from Fiji, Samoa; Solomon Islands; Papua New Guinea; Tonga and Vanuatu, attending the conference with funding from the Government of Germany and support from the Deutsche Welle Academy and UN Climate Change, announced the formation of a new association aimed at strengthening climate media reporting across the Pacific InsuResilience Initiative announced a new Global Partnership and an additional $125 million from the Government of Germany to support its aim of providing affordable cover to 400 more million poor and vulnerable people by 2020 Launch of Fiji Clearing House for Risk Transfer – A new online platform using artificial intelligence to help vulnerable countries find affordable insurance and solutions to avoid climate risk. The governments of Germany and the United Kingdom along with other partners announced $153 million to expand programs to fight climate change and deforestation in the Amazon The European Investment Bank formally announced $75 million for a new $405 million investment programme by the Water Authority of Fiji to strengthen resilience of water distribution and wastewater treatment for close to 300,000 people living in and around the capital Suva. America’s Pledge brings together private and public sector leaders to ensure the US remains a global leader in reducing emissions and delivers the country’s climate goals under the Paris Agreement The Green Climate Fund and the European Bank for Reconstruction and Development announced over $37 million of GCF grant financing to the $243 million Saïss Water Conservation Project to assist Morocco with more resilient agriculture Powering Past Coal Alliance brings together 25 countries, states and regions to accelerate the rapid phase-out of coal and support affected workers and communities to make the transition. The UN Development Programe, Germany, Spain and EU launched a EUR 42 million NDC Support Programme to assist countries deliver on the Paris Agreement The existing NDC Partnership announced the establishment of a new regional hub to support implementation of national climate action plans or NDCs in the Pacific 13 countries and the International Energy Agency announced EUR 30 million to the “IEA Clean Energy Transitions Programme” to support clean energy transitions around the world Launch of New Small Island Developing State (SIDS) Health initiative – The World Health Organization, in collaboration with the UN Climate Change secretariat and Fijian COP23 Presidency, announced a special initiative to protect people living in SIDS from the health impacts of climate change. Its goal is, by 2030, to triple the levels of international financial support to climate and health in those countries The Bonn-Fiji Commitment was made - a commitment to action adopted by over 300 local and regional leaders to deliver the Paris Agreement at all levels, supported with 20 initiatives including those focusing on Africa, islands, post-industrial cities and climate reporting standards. Banner and thumbnail photo credits to Max Thabiso Edkins/Connect4Climate
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Concrete Climate Action Commitments at COP23
As the UN Climate Change Conference comes down to the last day and governments work to complete the final negotiation decisions, it’s good to be reminded of the new wave of climate action that has been announced during COP23 from countries, cities, states, regions, business and civil society.
The common message from all sides at this conference has been that action to get on track towards the objectives of the Paris Climate Change Agreement and to ultimately achieve the 2030 Agenda Sustainable Development Goals is urgent, time is really running out and everyone simply must do much better together to drive climate action further and faster ahead now.
Video also available on Vimeo
Above all, this means rapidly raising the current global ambition to act on climate change that is captured in the full set of national climate action plans (NDCs) which sit at the heart of the Agreement.
The following list includes announcements made during COP23 to drive us further, faster and together to this destination.
Financing Climate Action
Major announcements included funds to support the poorest and most vulnerable, whose plight has been brought into sharp perspective by this year’s extreme weather
InsuResilience Initiative additional USD 125 mln from Germany to support provision of insurance to 400 more million poor and vulnerable people by 2020. A G20 and V20 (vulnerable nations) partnership Adaptation Fund exceeds 2017 Target – Germany’s contribution of 50 million euros and Italy’s contribution of 7 million euros means the Fund has now surpassed its 2017 target by over USD 13 million and stands at a total equivalent of USD 93.3 million dollars Norway & Unilever USD 400 mln fund for public and private investment in more resilient socioeconomic development. Investing in business models that combine investments in high productivity agriculture, smallholder inclusion and forest protection Germany and Britain to provide combined USD 153 mln to expand programs to fight climate change and deforestation in Amazon rainforest European Investment Bank will provide USD 75 million for a new USD 405 million investment programme by the Water Authority of Fiji. The scheme will strengthen resilience of water distribution and wastewater treatment following Cyclone Winston, the world’s second strongest storm ever recorded, which hit Fiji in February 2016 Green Climate Fund and the European Bank for Reconstruction and Development signed up to free USD 37.6 million of GCF grant financing in the USD 243.1 million Saïss Water Conservation Project to make Moroccan agriculture more resilient World Resources Institute announced a landmark USD2.1 billion of private investment earmarked to restore degraded lands in Latin America and the Caribbean through Initiative 20x20 UNDP, Germany, Spain and EU launch EUR 42 million programme NDC Support Programme at UN Climate Summit to help countries deliver on the Paris Agreement NDC Partnership to establish a new regional hub to support implementation of Nationally Determined Contributions (NDCs) in the Pacific 13 countries and IEA - EUR 30 mln to “IEA Clean Energy Transitions Programme” to support clean energy transitions around the world
Inia Seruiratu, Fiji’s Minister for Agriculture, Rural & Maritime Development, and National Disaster Management. Photo Credits: Max Thabiso Edkins/Connect4Climate
Investing in Climate Action
R20 and Blue Orchard Finance’s African Sub-national Climate Fund to provide ready-to-invest projects and funds to implement at least 100 infrastructure projects by 2020Coordinating Climate Action
With so many climate action pledges and initiatives from across government, business and civil society, there is a growing need to coordinate effort to ensure that every cent invested and every minute of work contributed results in a much greater impact than each acting separately.
SIDS Health Initiative by WHO, UN Climate Change secretariat and Fijian COP 23 Presidency to ensure small island developing states have health systems resilient to climate change by 2030 America’s Pledge brings together private and public sector leaders to ensure the US remains a global leader in reducing emissions and delivers the country’s climate goals under the Paris Agreement Powering Past Coal Alliance brings together 25 countries, states and regions to accelerate the rapid phase-out of coal and support affected workers and communities to make the transition C40 mayors of 25 pioneering cities, representing 150 million citizens, pledged to develop and begin implementing more ambitious climate action plans before the end of 2020 to deliver emissions neutral and climate resilient cities by 2050 Global Alliance for Buildings and Construction – signed agreement to dramatically speed up and scale up collaborative action below50 -World Business Council on Sustainable Development initiative to grow the global market for the most sustainable fuels. Transforming Urban Mobility Initiative - Accelerating implementation of sustainable urban transport development and mitigation of climate change. The Ocean Pathway Partnership aims, by 2020, to strengthen action and funding that links climate change action; healthy oceans and livelihoods including through the UN Climate Change process and via national climate action plans United Nations Development Programme launched the Global Platform for the New York Declaration on Forests to accelerate achievement of its goals of forest protection and restoration.Corporate Emission Cuts
EV100 – More big companies join transition to electro-mobilityGovernment Ratifications
Six countries have ratified the Doha Amendment (Belgium, Finland, Germany, Slovakia, Spain, and Sweden) – 90 countries in total have ratified Eight countries have ratified the Kigali Amendment to the Montreal Protocol (Comoros, Finland, Germany, Lao People's Democratic Republic, Luxembourg, Maldives, Slovakia and the UK) – 19 countries in total have ratified
Related News
#Hack4Climate - Why Climate needs Blockchain
Press Conference: 12:00-12:30 pm on 11.11.2017
Sections
Header
#Hack4Climate 2017: The first global COP-hackathon
Description
<p><a href="https://www.hack4climate.org/#home" target="_blank">Hack4Climate</a> draws attention to the climate-related importance of IT- based innovation in general, and distributed ledger technologies (DLT, ‘Blockchain’) in particular. It is the first hackathon combining blockchain and climate, and the first linked to a COP climate conference. This September, Hack4Climate has organized 17 preparatory workshops in 17 global blockchain hubs, from San Francisco to Shanghai, Berlin to Johannesburg, and Suriname. Hack4Climate is a global hackathon, bringing together 100 participants from 30 countries for truly hands-on #ClimateAction. Hack4Climate will take place for the first time in parallel to <a href="https://cop23.unfccc.int" target="_blank">COP23 </a>in Bonn/Germany, from November 12-16, 2017. Hack4Climate is scheduled to take place during upcoming climate conferences, bringing together DLT/blockchain talent, private and public sector innovators, as well as NGOs and academia. </p>
<p>[video:https://www.youtube.com/watch?v=WoV6aVvlmjQ]</p>
<h3><span style="color:#008000;">Why do we hack?</span></h3>
<div>DLT/blockchain shows disruptive innovation potential for a large number of fields with direct climate relevance. This includes the board challenge areas, as well as different domains/mechanisms of the<a href="http://unfccc.int/paris_agreement/items/9485.php" target="_blank"> Paris Agreement</a>. Rulebook (NDCs, Article 6, REDD+, etc). Hack4Climate’s mission is to raise awareness, mobilize talent and ideas, and thus pave the way for specific and rapidly deployable use cases. In the view of Hack4Climate, DLT/blockchain-based innovation is crucial to go ‘further, faster, together’, thus to raise ambition and contribute to tangible #ClimateAction.</div>
<div> </div>
<h3><span style="color:#008000;">Where do we hack?</span></h3>
<div>Hack4Climate 2017 is held on ‘<a href="https://drive.google.com/file/d/19wTD4KjgDLRRRMH71oJJFiCduh25zVqz/view&…; target="_blank">The Fiji</a>’, the small island hack hotel. The Fiji is moored close to the COP conference center in the<a href="http://riverdocking.com/anleger/bad-godesberg/" target="_blank"> Rhine at Bad Godesberg</a>. The Fiji will host all 100 participants, 40 experts and 10 organizers. During the course of the<a href="https://drive.google.com/file/d/1D7a9T6LAAgfx0lcK0U9N8WrSK9SZXEmy/view&…; target="_blank"> 4-day program</a>, The Fiji is open to invited guests.</div>
<div> </div>
<h3><span style="color:#008000;">Meet the hackers</span></h3>
<div>From over 500 qualified applications received, the best 100 are invited to Bonn. Participants have an average age of 29 and an average DLT/blockchain experience of 3.5 years. Get an idea of the skills and motivation of Hack4climate’s participants - <a href="https://drive.google.com/drive/folders/1r1LHtTIvFjKwHGOg52N__JLi1IRvdJE…; target="_blank">we’ve asked them</a>, why they should be invited for Hack4Climate. Watch what they have answered. Get access to<a href="https://drive.google.com/drive/folders/1r1LHtTIvFjKwHGOg52N__JLi1IRvdJE…; target="_blank"> the best pictures and watch some aftermovies</a> of Hack4Climate’s preparatory workshops. This file will be constantly updated during Hack4Climate and provides you with visual content</div>
<div> </div>
<h3><span style="color:#008000;">Challenge Areas</span></h3>
<div>
<div>1.<strong> Identification & Tracking of Emissions</strong> (IoT, supply chains, NDCs/inventories)</div>
<div> </div>
<div>[video:https://www.youtube.com/watch?v=Vdszu89svhg&t=1s]</div>
<div>2. <strong>Carbon Pricing</strong> (markets & tax, linking across- borders, p2p exchange)</div>
<div> </div>
<div>[video:https://www.youtube.com/watch?v=xZrjQg35jsw]</div>
<div>3. <strong>Distributed Energy</strong> (developed & developing markets, operation & finance)</div>
<div> </div>
<div>[video:www.youtube.com/watch?v=aMpyTOJlzh0]</div>
<div>4. <strong>Sustainable Land Use</strong> (accounting & finance, forests & agriculture, clean cities)</div>
<div> </div>
<div>[video:www.youtube.com/watch?v=MTrr-FIMJBg]</div>
<div>5. <strong>Sustainable Transport</strong> (mobility & logistics, private & public)</div>
<div> </div>
<div>[video:https://www.youtube.com/watch?v=uCrGL-4Gv6s]</div>
<div>6. <strong>Anything goes</strong> (as per participants, partners)</div>
<div> </div>
<div>[video:https://www.youtube.com/watch?v=LRcnWYibexg&t=1s]</div>
</div>
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More Countries Are Putting a Price on Carbon But Stronger Action Is Needed to Meet Paris Targets
More and more countries and sub-national jurisdictions are putting a price on carbon but the level of action must ramp up significantly to help the world meet its Paris Agreement targets, says a new World Bank report.
Launched just ahead of the UNFCCC’s Climate COP23 in Bonn, the annual review: State and Trends of Carbon Pricing 2017, presents good and not-so-good news. On the positive side, the value of carbon pricing initiatives – including emissions trading schemes (ETS) and carbon taxes - reached $52 billion, an increase of 7 percent compared to 2016. And with eight new or enhanced carbon pricing initiatives in place since early 2016 - three quarters of them in the Americas (Colombia, Chile, and several Canadian provinces) – there are now 42 national and 25 sub-national jurisdictions putting a price on carbon emissions.
Together, these jurisdictions raised revenues from carbon pricing of more than $20 billion for the second consecutive year, with the potential to raise much more. The report says revenues could increase to over $100bn a year if existing carbon pricing schemes adopted prices consistent with the Paris Agreement temperature targets.
On the less positive side, the report finds that 85 percent of emissions are still not covered by carbon pricing, and that most current carbon prices are significantly lower than the $40-80/tCO2 by 2020 and $50-100/tCO2 by 2030 that the Stern-Stiglitz High-Level Commission on Carbon Prices found to be consistent with the temperature goal of the Paris Agreement.
“A well-designed carbon price is an indispensable part of a strategy for efficiently reducing greenhouse gas emissions while also fostering growth,” said John Roome, Senior Director for Climate Change at the World Bank. “While we’ve seen progress over the past year, action to expand carbon pricing coverage and to increase prices to deepen its impact has to accelerate.”
The report highlights key areas of progress made since early 2016, including:
Chile and Colombia launched carbon taxes; Three Canadian provinces (Alberta, British Columbia, and Ontario) and one US state (Washington) introduced new or enhanced carbon pricing schemes; Mexico is starting a one-year ETS simulation to create awareness on carbon pricing and prepare for the launch of a pilot ETS in 2018; and China is gearing up for the commencement of its national ETS, potentially the largest carbon pricing initiative in the world.The report estimates that an additional US$700 billion a year will be needed annually by 2030 to finance the transition to low-carbon economies. The report builds a vision for an integrated approach that links climate-focused domestic policies and carbon pricing, complemented by effective international cooperation through climate finance from donors and new climate markets, to mobilize resources at the speed and scale required to deliver low-carbon growth, jobs and innovation.
According to the report, domestic resources will need to make a significant contribution, enabled by improved national policy environments -- including carbon pricing -- to catalyze increased private sector investment. International climate finance will remain important and could be targeted where it is most effective at supporting the low-carbon transition and to promote the development of climate markets. As climate markets develop, they could play a larger role in mobilizing resources for low-carbon investments. Results-based climate finance could support this transition by piloting programs based on the principles of Article 6 of the Paris Agreement, providing lessons and building capacity for the implementation of international climate markets.
The report was prepared with the technical support of Ecofys, A Navigant company and Vivid Economics.
To download the full report, visit https://openknowledge.worldbank.org/handle/10986/28510
In May 2017, the World Bank launched the Carbon Pricing Dashboard website, adding an interactive dimension to the annual State and Trends of Carbon Pricing reports. This resource provides an up-to-date overview of carbon pricing initiatives and allows users to navigate through the visuals and data of the report. Please visit: http://carbonpricingdashboard.worldbank.org/.
Banner and thumbnail photo credits: Air pollution by Mehdi Mir'azim, Iran
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Connect4Climate at COP23
The COP23 is being organized following an innovative concept of “one conference, two zones”. During the two weeks of the conference, a vast area of the city of Bonn will become the Climate Campus that will be organized in two zones: the “Bula Zone” and the “Bonn Zone”. This approach focuses on a close integration of the zones to ensure that negotiations, events and exhibits are integrated into one conference. Learn more about this new concept here.
Calendar of Events
All times are CET
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6 Highlights from the World Bank Annual Meetings 2017
The Annual Meetings of the World Bank Group and the International Monetary Fund bring together central ministers of finance and development, private sector, representatives from civil society, academics and central bankers to discuss key issues of global concern. Over six days the Connect4Climate team followed the climate change and sustainable development related events allowing you to be part of this important international discussion. See our six highlights below:
1. Future Harvest: Who Will Grow Tomorrow’s Food?
The World Bank’s Food and Agriculture Global Practice hosted an event highlighting young farmers who are passionate agriculture. “Agriculture like any good job is hard, but technology will make it an easier job in the future," said Pedro Diniz, from Fazenda da Toca in Brasil.
[video:https://youtu.be/6Q_yT2z2Nvg]
Journalist Femi Oke moderated a panel composed by four successful examples: Shelly-Ann Dinnall, a poultry farmer from Jamaica; Pedro Diniz, Founder and CEO of a large scale organic farm in Brazil; Katrina Sasse, a cereal farmer from Australia; and Brian Ndyaguma, an entrepreneur who grows greens to supply a café in Uganda. As Katrina Sasse said: "Sharing this stories is essential to 'unlock the code' and inspire youth to become farmers."
"Farming has great potential to be sexy. It's an opportunity to regenerate life on our planet." - Pedro Diniz #FutureHarvest pic.twitter.com/ccZvOziXwN
— World Bank Live (@WorldBankLive) 11 de outubro de 2017
2. Is the private sector the key to providing the extra $2.5T/year needed to meet the #SDGs?
The involvement of the private sector to invest in the Sustainable Development Goals (SDGs) is key to achieve the 17 goals until 2030, concluded the panel composed by Bambang Brodjonegoro, Minister of National Development Planning, Indonesia; Anne-Marie Chidzero, CEO, Alitheia Identity; Board Member, Africa Enterprise Challenge Fund, Making Finance Work for Africa, and Women’s World Banking; Hans Peter Lankes, Vice President, Economics and Private Sector Development, International Finance Corporation (IFC); Susan Lund, Partner, Mckinsey Global Institute; and Matthew T. McGuire, Managing Director, The Abraaj Group Luis Fernando Mejía, Director-General, National Planning Department, Colombia.
[video:https://youtu.be/n0I31Ol2GMM]
"We need to enhance the role of the public sector and it needs to work in partnership with the private sector," affirmed Bambang Brodjonegoro, Minister of National Development Planning of Indonesia, while Susan Lund urged the world to do more: “Keep doing what you're doing but you'll have to do it faster, better and in a larger scale."
"The #SDGs are providing a new vocabulary that a lot of people is embracing & we're all looking at solutions" @abraajgroup #investinsdgs pic.twitter.com/qvgb25vkv9
— Connect4Climate (@Connect4Climate) 12 de outubro de 2017
3. Localizing the Implementation of the Sustainable Development Goals
Two panels focusing the discussion on the implementation of the SDGs, firstly concentrated in work Colombia is doing to reach the 17 goals. “Colombia is a country very committed to the SDGs being very involved in the discussion that led to the SDGs," stated the Colombian Minister Mauricio Cárdenas.
[video:https://youtu.be/BY1QyI4mSVE]
Ede Ijjasz-Vásquez, director of World Bank Social, Urban, Rural & Resilience Global Practice, started the second panel by underlining that "Everyone needs to run in the same direction to make the SDGs happen." Gender equality, education, resilience were presented as major factors to progress. As Achim Steiner, Administrator of UNDP and UNEP UN Under Sec-Gen & ED said: "More than awareness we need to learn how to empower one another."
"More than awareness we need to learn how to empower one another" @ASteiner @wbg2030 pic.twitter.com/SEBd5LAovB
— Connect4Climate (@Connect4Climate) 12 de outubro de 2017
4. a) How do we ensure new infrastructure makes resilience, not risk, for future generations? #ResilienceDialogue - Part 1
[video:https://youtu.be/35UJmjQkv6M]
“How much more destruction is needed for us to start protecting our planet? The time to act is now.” On International Day for Disaster Reduction, Richard Branson, founder of the Virgin group, initiated his speech appealing the audience to the urgency of protecting the Caribbean from natural disasters. "There must be a Marshall plan for a greener and more resilient Caribbean," Branson declared. “If we do not invest in resilience we will be in systemic reconstruction. Resilient infrastructure is urgent," reminded Christiana Figueres, Mission2020 Convenor.
"There must be a Marshall plan for a greener and more resilient Caribbean" @richardbranson #resiliencedialogue pic.twitter.com/BySetJ0b0K
— Connect4Climate (@Connect4Climate) 13 de outubro de 2017
4. b) How do we ensure new infrastructure makes resilience, not risk, for future generations? #ResilienceDialogue - Part 2
[video:https://youtu.be/HfosvkvoSqg]
Featured tweet:
Three steps for resilient infrastructure construction: map it, price it and then built it - @CFigueres #ResilienceDialogue pic.twitter.com/IyD5VaBqPK
— Connect4Climate (@Connect4Climate) 13 de outubro de 2017
5. Forests, climate and land rights: How can policy lending address the major challenges of development? #AMCSO17
[video:https://youtu.be/0VgvlP16QTw]
As part of the civil society discussions happening at the World Bank during the Annual Meetings, experts from the United States, Colombia, Peru and Congo approach the efforts made by their countries to protect the forest and which measures needs to be considered. “74% of our population - Congo - depends on the forest," stated Joseph Bobia. Nezir Sinani, Director, Rights and Environmental Sustainability, BIC, also reminded that “fossil fuels and its subsidies need to end." "Maybe the question we need to ask ourselves is how we can stop illegal activities in our forests," stressed Ricardo Perez, Advocacy Specialist, DAR, from Peru.
"74% of our population - #Congo - depends on the #forest" Joseph Bobia #amcso17 pic.twitter.com/Q59Dt0Bv8N
— Connect4Climate (@Connect4Climate) 13 de outubro de 2017
6. Conversation on End Poverty Day: How Can We Break The Cycle?
[video:https://youtu.be/e1hGpROzovw]
Special event on International Day to Eradicate Poverty - #EndPoverty Day - with World Bank President Jim Yong Kim and a panel of experts from the Washington, D.C. community, media and civil society to debate what are the causes behind extreme poverty and which are the best weapons to fight it. “Nearly 1.1 B people lifted themselves out of extreme poverty in last 25 years, but 800 M still live on $1.90/day," informed Jim Yong Kim, who believes that by “working together we can be the first generation to end poverty." According to the five specialists education is crucial to tackle this issue. As Carolina Sanchez, World Bank, remembered: "We know that more educated parents are more able to develop their children's skills."
.@JimYongKim: Nearly 1.1 B people lifted themselves out of extreme poverty in last 25 years, but 800 M still live on $1.90/day. #endpoverty pic.twitter.com/A5XPN2Kbw1
— World Bank (@WorldBank) 17 de outubro de 2017
"We need to make sure that families do not lose their social safety net while moving economically forward" BB Otero #EndPoverty pic.twitter.com/ZEBSqKQigY
— Connect4Climate (@Connect4Climate) 17 de outubro de 2017
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Fiji Issues First Developing Country Green Bond, Raising $50 Million for Climate Resilience
Fiji has become the first emerging market to issue a sovereign green bond, raising 100 million Fijian dollars, or US$50 million, to support climate change mitigation and adaption.
Home to over 870,000 people, Fiji’s 300 volcanic islands include low-lying atolls that are highly susceptible to cyclones and floods. In 2016, Tropical Cyclone Winston—the most intense tropical cyclone in the Southern Hemisphere on record—passed directly over Fiji, causing economic losses that amounted to almost one third of the country’s GDP. Like all Pacific island states, Fiji is also highly vulnerable to the impact of climate change: close to 20 percent of the region’s 10 million people could be displaced due to climate change by 2050.
Green bonds are fixed income, liquid financial instruments that are used to raise funds dedicated to climate-mitigation, adaptation, and other environment-friendly projects. This provides investors an attractive investment proposition as well as an opportunity to support environmentally sound projects.
At the request of Fiji’s Reserve Bank, the World Bank and the International Finance Corporation (IFC), a member of the World Bank Group focusing on private sector, provided technical assistance to assist the government in issuing a sovereign green bond. This collaboration took place under a broader, three-year Capital Markets Development Project supported by the Australian Government. Through this partnership, Australia and IFC are helping stimulate private sector investment, promote sustainable economic growth and reduce poverty in the Pacific.
#Fiji makes history becoming first emerging market to issue a sovereign #GreenBond https://t.co/lfwbAbI4HN #FijiGreenBond pic.twitter.com/1bLQo42s73
— IFC EastAsiaPacific (@IFC_EAP) October 18, 2017
Projects financed from the Fiji green bond will follow the internationally developed Green Bond Principles, and will focus primarily on investments that build resilience against the impacts of climate change. Sustainalytics US (Sustainalytics), a provider of environmental, social and governance research and analysis, evaluated Fiji Sovereign’s green bond transaction and its alignment with the Green Bond Principles. Fiji will also use bond proceeds for projects supporting its commitment to achieve 100% renewable energy and reduce its CO2 emissions in the energy sector by 30% by 2030.
Fijian Prime Minister and President of COP23 Frank Bainimarama said: “The Fijian people, along with every Pacific Islander, live on the front lines of climate change. The rising seas, changing weather patterns and severe weather events are threatening our development, our security and the Fijian way of life, along with the very existence of some of our low-lying neighbors. I have made access to climate finance a key pillar of our upcoming COP23 Presidency, and we are proud to set an example to other climate-vulnerable nations by issuing this green bond to fund our work to boost climate resilience across Fiji. By issuing the first emerging country green bond, we are also sending a clear signal to other nations that we can be creative and innovative in mobilizing funds and create win-win outcomes for countries and investors in adapting to the serious effects of climate change.”
“With this bond, Fiji has demonstrated that green capital markets can be created in emerging economies, and that all countries, big and small, have an important role to play in facilitating climate solutions,” World Bank Group President Jim Yong Kim said. “As it takes the helm of COP23, Fiji is uniquely positioned to inspire other countries to meet their respective targets and build resilience against climate change.”
The World Bank and IFC are among the pioneers of the green bond market. The World Bank issued the first green bond in 2008. Since then, both institutions have provided leadership by issuing green bonds across a range of currencies, tenors and volumes; helping to define best practice for reporting and standards; and working with countries to facilitate the development of domestic green bond markets. The global green bond market is expected to reach US$134.9 billion in 2017.
The Government of Fiji will chair the 23rd Climate Change Conference (COP23) in Bonn, Germany from November 6-17, 2017. Prime Minister Voreqe Bainimarama has given high priority to COP23 and aims to continue the momentum for action since the entry into force of the Paris Climate Change Agreement last year.
Fiji Green Bond Summary Terms and Conditions
Issuer: Government of Fiji
Amount: 100 million Fiji dollars
Pricing date: 1 November 2017 – May 2018
Settlement date: 1 November 2017 – May 2018
Maturity date: 1 November 2022 and 1 November 2030
Issue price: 100
Coupon: 5 years: 4.00%; 13 years: 6.30%
Denomination: Fiji Dollars
Original article here.
Photo Credits: UNFCCC
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