Report identifies key economy-wide actions for long-term decarbonization
WASHINGTON, June 24, 2020— published today.
The World Bank Outlook 2050: Strategic Directions Note proposes a whole-of-economy approach to reaching decarbonization by mid-century through actions across sectors, including food systems, energy, transport, water systems and low-carbon cities.
“The World Bank is committed to supporting countries to build a resilient and sustainable future with long-term climate strategies as an integral element in their overall development plan,” said Mari Pangestu, the World Bank’s Managing Director of Development Policy and Partnerships. “By planning ahead, these strategies can boost new economic activity and innovations, creating the jobs of the future, while also securing a safer climate especially for the poorest and most vulnerable.”
Climate change will exacerbate existing development challenges, hitting the poorest the hardest, with critical implications for poverty, food security, health, quality of life, and economic productivity. The report argues that long-term country-led decarbonization strategies are essential to securing better growth, climate, and development outcomes. These strategies can also help countries with the economic recovery from COVID-19: securing a safer climate, while optimizing the use of public resources and mobilizing private finance. For example, rapid electrification of health facilities could help with the near-term COVID-19 response and help boost a country’s solar industry, particularly off-grid solar and mini-grids.
“An economy-wide approach can encourage countries and financial institutions to look beyond 3-5-year planning cycles and focus on the decades ahead,” said Juergen Voegele, the World Bank’s Vice President for Sustainable Development. “The World Bank is supporting countries to think through what a sustainable recovery might look like, identifying ways we can support them to build back stronger and better.”