World Bank’s “Shock Waves” report applauded by Climate Investment Funds

The Climate Investment Funds has welcomed and applauded the World Bank’s new report, “Shock Waves: Managing the Impacts of Climate Change on Poverty”.

The report makes clear the fundamental connection between the goals of stabilizing climate change and eradicating poverty – neither can be achieved without the other.

The good news, as the report indicates, is that “good development” in the next 15 years can prevent the worst potential impacts of climate change on the world’s poor. “Good development”, according to the report, is rapid, inclusive, and climate informed.

CIF Program Manager Mafalda Duarte says “The findings of ‘Shock Waves’ should shock the global community into ramping up its ‘good development’ efforts. This report shows why it is so important that leaders work for an ambitious deal at United Nations climate negotiations this month in Paris.”

“Climate change is hitting poor people first and worst,” says Duarte, “‘Shock Waves’ estimates that without sufficient good development, climate change could push an additional 100 million people into extreme poverty by 2030. For the sake of people and planet, we need to drastically reduce greenhouse gas emissions and invest in a more resilient future.”

The CIF is the world’s largest active multilateral climate finance vehicle, with US$8.1 billion to date of climate finance. CIF programs channel money to communities, enabling them to carry out projects that secure their livelihoods and increase their capacity to cope with climate change.

CIF is working in 72 developing and emerging countries worldwide, transforming these countries into leaders in inclusive development that increases climate resilience.

The CIF is already supporting 44 projects with US$791 in nine countries and two regions (including nine small island nations) to help them adapt to climate change.

The CIF leverages about eight dollars from other sources for every one dollar it contributes directly: at this rate, the CIF is likely to drive an estimated $US57 billion in climate finance from other sources to emerging markets worldwide.

Climate Change could push 100m more people into poverty, report

Climate change is already preventing people from escaping poverty.

According to a new World Bank Group report, there could be more than 100 million additional people in poverty by 2030, without rapid, inclusive and climate-smart development, together with emissions-reductions efforts that protect the poor.

The report: “Shock Waves: Managing the Impacts of Climate Change on Poverty” is released before the international climate conference in Paris later this year.

The report finds that poor people are already at high risk from climate-related shocks, including crop failures from reduced rainfall, spikes in food prices after extreme weather events, and increased incidence of diseases after heat waves and floods.

It says such shocks could wipe out hard-won gains, leading to irreversible losses, driving people back into poverty, particularly in Africa and South Asia.

“This report sends a clear message that ending poverty will not be possible unless we take strong action to reduce the threat of climate change on poor people and dramatically reduce harmful emissions,” said World Bank Group President Jim Yong Kim. “Climate change hits the poorest the hardest, and our challenge now is to protect tens of millions of people from falling into extreme poverty because of a changing climate.”

The report finds that the poorest people are more exposed than the average population to climate-related shocks such as floods, droughts, and heat waves, and they lose much more of their wealth when they are hit.

In the 52 countries where data was available, 85 percent of the population live in countries where poor people are more exposed to drought than the average.

Poor people are also more exposed to higher temperatures and live in countries where food production is expected to decrease because of climate change.

The report, released a month before negotiators gather in Paris for international climate talks, shows how ending poverty and fighting climate change can be more effectively achieved if addressed together.