At the One Planet Summit convened by President Emmanuel Macron of France, United Nations Secretary General António Guterres, and World Bank Group President Jim Yong Kim, the World Bank Group made a number of new announcements in line with its ongoing support to developing countries for the effective implementation of the Paris Agreement’s goals. 

 

 

 

As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world.  To align its support to countries to meet their Paris goals:

 

 

 

(In exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries’ Paris Agreement commitments.)

 

The WBG is on track to meet its target of 28% of its lending going to climate action by 2020 and to meeting the goals of its Climate Change Action Plan - developed following the Paris Agreement.  

 

In line with countries submitting updated and potentially more ambitious Nationally Determined Contributions (NDCs), the World Bank Group will present a stock-take of its Climate Change Action Plan and announce new commitments and targets beyond 2020 at COP24 in Poland in 2018. 

 

 

The World Bank Group is working hard to ensure that climate accountability is mainstreamed throughout its operations. In addition to measures already in place:

 

         i) Starting next year, the World Bank Group will report greenhouse gas emissions from the investment projects it finances in key emissions-producing sectors, such as energy. The results will be published in late 2018, and annually thereafter.

 

          ii) The World Bank will be applying a shadow price on carbon in the economic analysis of all IBRD/IDA projects in key high-emitting sectors where design has begun since July 2017.  IFC started using carbon pricing in key sectors in January 2017 and will mainstream the same starting January 2018.

 

 

To accelerate the mobilization of finance:

 

         i) IFC will invest up to $325 million in the Green Cornerstone Bond Fund, a partnership with Amundi, to create the largest ever green-bond fund dedicated to emerging markets. This is a $2 billion initiative aiming to deepen local capital markets, and expand and unlock private funding for climate-related projects.  The fund is already subscribed at over $1 billion.

 

         ii) Last week, the World Bank and the Government of Egypt signed a $1.15 billion development policy loan aimed at reducing fossil fuel subsidies and creating the environment for low-carbon energy development.

 

         iii) The World Bank Group will continue to support investments highlighted at the One Planet Summit which demonstrate opportunities to crowd in different kinds of finance in transformational areas. This includes accelerating energy efficiency in India; scaling up solar energy in Ethiopia, Pakistan and Senegal among other countries; establishing a West Africa Coastal Areas investment platform to build resilience for coastlines of West African countries (partnering with WAEMU, NDF, GEF, GFDRR, AFD, AfDB); and introducing the City Resilience Platform (partnering with the Global Covenant of Mayors) so that up to 500 cities will have access to finance for resilience to climate change.

 

         iv) The World Bank Group will continue to work with the United Nations and other partners on the implementation of the Invest4Climate platform, which will systematically crowd in multiple sources of finance, with a major event showcasing investment opportunities planned for May 2018 at the Innovate4Climate conference in Frankfurt.

 

         v) IFC will work to set a single unifying global standard on green bonds, similar to the Equator Principles, as a means to facilitate the development of the green bond market to crowd in private finance into climate business. And to stimulate the greening of the financial sector, the World Bank Group will partner with the Sustainable Banking Network (SBN) to provide technical support to develop and implement national Roadmaps for Sustainable Finance in six countries. These roadmaps are based on a framework developed jointly with UN Environment.

 

         vi) AXA Managed Co-Lending Portfolio Program (MCPP) will allocate a substantial portion of projects to climate-smart infrastructure investments.  IFC and Finland launched the Finland-IFC Climate Change Program, a €114 million returnable capital contribution to spur private sector financing for climate-change solutions, targeting low-income countries focused on investments in renewable energy, energy efficiency, green buildings, climate-smart agriculture, and forestry. 

 

​  5. Working in partnership 

 

To further accelerate climate action, the World Bank Group will be working with various partners to deepen climate action:

 

         i) For the first time, all the Multilateral Development Banks and all International Development Finance Club Members issued a joint statement aligning their finance with the Paris Agreement and identifying areas where they will work together to advance climate-smart development.

 

         ii) Canada and the World Bank will work together to accelerate the energy transition in developing countries and, together with the International Trade Union Congress, will provide analysis to support efforts towards a just transition away from coal.

 

         iii) Working with France’s AFD and the Kingdom of Morocco, the World Bank will work to accelerate adaptation in agriculture for Africa.

 

         iv) The World Bank will support a unique partnership between Caribbean leaders and people, multilateral organizations, and local and international private sector to define a vision for the world’s first climate-smart zone. The key priority areas for action include renewable energy, resilient infrastructure, innovative financing, and capacity building.

 

         v) The World Bank Group will support, through the Carbon Pricing Leadership Coalition, the proposed Carbon Markets of the Americas initiative.

 

         vi) The Principles on Blended Concessional Finance, first published in 2013, have been recently enhanced with more detailed guidelines developed by a working group (chaired by IFC) representing Development Finance Initiatives (DFIs) that annually invest more than $35 billion a year in private sector solutions. These principles include promoting commercially sustainable solutions so that the use of scarce public concessional finance is minimized; and state the need for high social, environmental, and governance standards.

 

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. 

 

 

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.

 

Connect4Climate is partnering with Cube VR, an AR/VR design studio and strategic consultancy, to produce a multiplatform gaming experience entitled, “Guardians of Gaia”. The game, which will leverage AR and geo-location technologies, is slated to launch in Washington D.C. on Earth Day 2018 and continue at selected World Bank events through 2020 in what aims to be the first ongoing, multiplatform eco-game of its kind.

 

The concept was unveiled at the recent United Nations Climate Change Conference (COP23) in Bonn, Germany by Kathleen Rogers, President of Earth Day Network and James Close, Director of Global Climate Change Operations at the World Bank Group.

 

 

 

James Close, Director of Global Climate Change Operations at the World Bank Group

 

As a keystone to the gaming experience, Cube VR will produce an interactive digital photo and film exhibit titled, “Journey to Gaia,” which will be directed and curated by Patricia Lanza, former Director of the Annenberg Space for Photography. Most recently, Patricia Lanza was nominated for Curator of the Year in 2015 by The Lucy Foundation for the acclaimed “Refugee” exhibit. In 2011, Lanza also oversaw creative direction for Exhibition of the Year-winner “Beauty Culture,” the documentary of which was also nominated for an Academy Award.

 

Cube VR partners, Larry Rosenthal and Blu Topalli, have developed and executed branded narrative experiences leveraging AR/VR, mobile platforms and other emerging technologies for clients including Apple, Sony, NBC Universal, and Hasbro Inc. This will be their first project for Connect4Climate, the World Bank Group’s global partnership program for the advancement of climate change awareness and the encouragement of climate solutions.

 

In 2015, Connect4Climate most notably coordinated the creative partnership to present Fiat Lux, a first of its kind projection-mapping experience utilizing the surface of the Vatican itself to bring climate issues to 100,000 people gathered in St. Peter’s Square and an estimated global reach of more than 4.4 billion viewers.

[video:https://vimeo.com/148381415]

“We are thrilled to be working with Cube VR on this ambitious launch at Earth Day 2018,” says Connect4Climate’s Max Edkins, “and look forward to creating a narrative experience that spurs real climate action through 2020 and beyond. Cube VR’s history of tackling large challenges with flexible designs and multi-platform experience strategies dovetails perfectly with our aim of adding real meaning to climate action amongst our global community.”

 

 

Max Edkins, Acting Manager, Climate Change Expert, Connect4Climate

 

Bula vinaka!

 

We are pleased to say COP23 has been a success. Over the past two weeks, the global community has embraced Fiji’s concept of a Grand Coalition for greater ambition. In Bonn, the support for climate action from countries, regions, cities, civil society, the private sector and ordinary men and women was clearly on display.

 

Together, we have done the job we came here 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.

 

We brought our Fijian Bula Spirit to COP and it’s been wonderful how people responded. We want to warmly thank our hosts, the German Government and the UNFCCC, as well as the residents of Bonn.

 

 

Below, we are pleased to outline some of the key achievements from COP23.

 

​  2018 Talanoa Dialogue: After extensive consultations, the Fijian COP23 Presidency announced an inclusive and participatory process that allows countries, as well as non-state actors, to share stories and showcase best practices in order to urgently raise ambition – including pre-2020 action – in nationally determined contributions (NDCs). This is ultimately to enable countries to collectively move closer to the more ambitious Paris Agreement goal of keeping the rise in global temperature to 1.5 degrees Celsius.

 

​  Implementation Guidelines: While important work remains to be done, COP23 made significant progress toward clear and comprehensive implementation guidelines for the Paris Agreement, which will make the agreement operational. This is crucial to help governments plan their economies, and give confidence to investors and businesses that the low-carbon economy is here to stay. Countries will need to finalise the implementation guidelines at COP24 in Poland next year.

 

​  Launch of Ocean Pathway Partnership: The Fijian COP23 Presidency launched the Ocean Pathway Partnership to encourage the climate negotiations process to address the relationship between climate change and the ocean. In the true spirit of the Grand Coalition, the partnership will also consolidate existing work being done to create a coordinated effort among governments at all levels, existing ocean alliances and coalitions, civil society and the private sector to create a stronger link between climate action and a healthy ocean. The partnership will be co-chaired by Fiji and Sweden, who are joining forces again after leading the inaugural UN Ocean Conference in July.

 

​  Launch of InsuRelience Global Partnership: The German Federal Ministry for Economic Cooperation and Development (BMZ) contributed 110 million euros (US $125 million) to launch the InsuResilience Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions to bring affordable insurance and other financial protection to millions of vulnerable people around the world. The contribution from BMZ follows a £30 million (US $39 million) commitment that was made by the Government of the United Kingdom in July.

 

​  Launch of the Fiji Clearing House for Risk Transfer: This new online resource will help connect vulnerable countries with the best available information on affordable insurance and solutions – tailored to their unique circumstances – that will allow them to better prepare for the risks posed by climate change.

 

​  Finalisation of the Gender Action Plan: Countries finalised the first-ever Gender Action Plan, which aims to increase the participation of women in all UNFCCC  processes. It also seeks to increase awareness of and support for the development and effective implementation of gender-responsive climate policy at all levels of government.

 

​  Finalisation of the Local Communities and Indigenous Peoples Platform: This platform will provide direct and comprehensive means to give a greater voice to indigenous people in the climate negotiations and allow them to share their traditional knowledge and best practices on reducing emissions, adapting to climate change and building resilience.

 

​  Historic Breakthrough in Agriculture: Countries reached a historic agreement on agriculture that will help countries develop and implement new strategies for adaptation and mitigation within the sector, to both reduce emissions as well as build resilience to the effects of climate change. This was historic because it was the first time in the history of the climate negotiations that countries had reached an agreement on agriculture.

 

​  Adaptation Fund: The Adaptation Fund was replenished with a total of US $93.3 million, exceeding this year’s funding target by US $13 million. The Adaptation Fund has a track record of providing valuable resources to communities in developing countries for projects that help improve resilience to the effects of climate change. Projects may apply for funding to Adaptation Fund Board, which reviews applications through a transparent process. Countries also took the important next step to ensure that the Adaptation Fund shall serve the Paris Agreement.

 

​  America’s Pledge:  A delegation of sub-national leaders led by Gov. Jerry Brown of California and former New York City Mayor Michael Bloomberg presented a report on the ongoing efforts by American states, cities, businesses and civil society to uphold the emissions reduction target of the United States under the Paris Agreement.

 

​  Bonn-Fiji Commitment: Local and regional leaders gathered to officially adopt the Bonn-Fiji Commitment of Local and Regional Leaders to Deliver the Paris Agreement at All Levels, a pledge that signals their commitment to bring forward a critical shift in global development. The Bonn-Fiji Commitment highlights the pledge to raise collective ambition for climate action.

 

​  Launch of the NDC Regional Hub: The NDC Partnership is establishing a new regional hub to support the implementation of NDCs in the Pacific. The Regional Pacific NDC Hub will be based in Suva, Fiji, and will provide expertise for developing regional solutions to mitigate global warming and enhance efforts by Pacific islands to adapt to climate change.

 

​  Health Initiative for the Vulnerable: The World Health Organisation, in collaboration with the UNFCCC and the Fijian COP23 Presidency launched a special initiative to protect people living in Small Island Developing States from the health impacts of climate change. Its goal by 2030 is to triple the levels of international financial support to climate and health in Small Island Developing States.

 

​  First Open Dialogue between Governments and Non-Stare Actors: The Fijian COP23 Presidency presided over the first ever Open Dialogue between governments and non-state actors (including civil society, municipal governments and businesses) within the formal climate negotiations. Discussions were held surrounding two important topics. The first was how non-state actors can help countries design and implement more ambitious NDCs and the second was how to better integrate NPS into the climate negotiations process. Based on the success of the dialogue, there was strong enthusiasm to continue similar discussions at future COP meetings.

 

​  Expert Dialogue on Loss and Damage: Provides important space to raise awareness about the vulnerability of small island states. It will explore options for mobilising expertise, technology and support for the victims of climate change.