Washington D.C, 25 July 2020 (TDI): The World Bank is working on Country Climate and Development Reports under the World Bank Group’s Climate Change Action Plan 2021-25.

These reports focus on how countries can achieve good development outcomes while also taking action on climate. These reports will help in identifying priorities and assist policymakers in managing inevitable tradeoffs.

The Global Director of the Climate Change Group of World Bank, Jennifer J. Sara, has been looking forward to dealing with both the climate crisis and the development goals in various countries via this program.

This program reflects the impacts of the eventful year of 2022 and the challenging climate crisis and global political instability.

According to her, by decarbonizing economies, guaranteeing a just transition, investing in adaptation and resilience, and taking action on climate change, nations can achieve positive development results.

According to Jennifer J. Sara, the three aspects on which more work will be done are,

Reduction of Greenhouse Gas emissions:

Finding, funding, and implementing the projects that will impact GHG emissions is crucial.  Solutions are currently available and are largely competitive in some industries, such as clean energy or electric automobiles. Private investors can hasten their adoption of better resources to increase development.

Investments in Resilience Payoff:

According to estimates, natural disaster-related services cost $390 billion annually in low and middle-income countries.

Improving the resilience of those networks would cost about 3 percent of the total capital investment, but the avoided disruptions would save four times that amount

Collective role:

Climate catastrophes are as a matter of fact uneven for every state. The nations which contributed the least to global emissions will see the worst effects of it.

Wealthy nations are switching to polluting fuel sources as they use their purchasing power to cover energy deficits. This makes it more difficult for underdeveloped nations to undertake renewable energy transitions.

Hence, all countries, businesses, investors and multilateral institutions should work together to avert the crisis.