Will the World Bank choose climate change over poverty? - Mint
Will the World Bank choose climate change over poverty? | Mint
Will the World Bank choose climate change over poverty?
Summary A new G-20 report calls for raising $3 trillion and spending only a fraction of it to help the poor.
Well-off nations seem to have forgotten that while they’re no longer plagued by poverty-related ills such as hunger and illiteracy, most people in the world still are. Increasingly, the Biden administration and leaders of other high-income countries are putting climate policy ahead of these core development issues. When the World Bank and International Monetary Fund hold their annual meeting next week, an unholy alliance of green activists and climate-anxious politicians will push them to devote a plethora of new resources to climate change.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”