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World Bank publishes CCDRs for over 20 states as major achievement of Glasgow
The World Bank has now published Country Climate and Development Reports (CCDRs) for more than 20 countries, showing pathways to integrate climate and development. This was a major deliverable of the Glasgow climate pact, and they show clear pathways to climate action and impact.
World Bank President David Malpass made the remarks during the Climate Finance Event of the 27th United Nations climate Change Conference (COP27).
He added that the Egyptian “Prime Minister was kind enough to help launch the Egypt CCDR with me last night.”
“Climate action such as the Komati project provides a key global public good and demonstrates that it can be done. We want to dramatically increase the number and size of projects that reduce greenhouse gas emissions, he said.
“Yesterday, I presented our new fund, called SCALE, which stands for Scaling Climate Action by Lowering Emissions. SCALE is a key non-fragmented avenue for the global community to take action on climate change and provide actual funding for GHG emissions reduction. It is a direct, transparent approach that avoids greenwashing,” he said.
“SCALE will pool funding from the global community and provide grant payments on a results basis to client countries for lowering greenhouse gas emissions. The fund will also help countries build a track record of projects that unlock private sector funding through international carbon markets. We invite all partners here at COP27 to consider this approach to direct financing of climate action. It has to be a global effort, with common but differentiated responsibilities,” he said.
High-income countries will need to lead the way in the low-carbon transition. They can reduce their own emissions, reduce exports of high-carbon-intensity fuels, and increase their funding for climate action globally. Given the current inflation problem, they should adopt policies to increase production in sustainable ways to respond to the current shortage of food, energy and fertilizer, he highlighted.
“Major current and future emitters in the developing world also have a key responsibility in reducing GHG emissions. They need to find low-carbon growth paths to provide reliable and affordable electricity to their people. And they should choose pathways that provide a just transition for society to lower GHG emissions,” he said.
“As part of this, we also need to find better financing pathways for adaptation, including contributions from donors, foundations and the private sector,” he added.
“At COP27, there have been recommendations for Multilateral Development Banks to significantly increase our climate finance. At our recent Annual Meetings, there was a broad recognition on the need to increase financing for global public goods, especially climate action. I warmly welcome these calls. Successful climate action to reduce greenhouse gas emissions will take a concerted global push, and we are committed to this effort,” he said.
“Climate is a defining challenge facing development. It signals another important evolution for International Finance Institutions and the World Bank Group. I discussed this challenge with our governors at the Annual Meetings and with our Board of Directors at the end of October. Our management team has started preparing a Roadmap paper that will outline concrete actions for our shareholders,” he added.
“The financing of global public goods is made more difficult by the depth of the other crises facing development. I’ll conclude with the assurance that the World Bank Group is committed to responding to all these challenges with action and impact,” he concluded.
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