A Look at the Climate Change Action Plan
We need a climate change action plan. Climate change and its global impact have been thrust to the forefront once again following the United Nations' 26th annual Climate Change Conference of the Parties (COP26). It comes at a time when global dioxide levels are at an all-time high. What can and should be done remains in limbo as no straightforward consensus was drawn on how to address such issues as:
• Non-binding efforts to cut greenhouse gas emissions.
• Limiting global warming to 2 degrees Celsius by the turn of the century.
• Changes in behavior to address the climate crisis.
As a strong participant and advocate of the COP26 summit in Glasgow, Scotland, the World Bank Group has attempted to address these issues for quite some time:
1. In December 2020, they announced that 35% of its financing will support climate change action.
2. They published a series of COP26 climate briefs leading up to the summit.
3. In 2021, they unveiled a five-year Climate Change Action Plan.
What is the World Bank Group's Climate Change Action Plan?
"Investing in adaptation to help countries and companies become more resilient is critical."
––David Malpass, President, the World Bank Group
The World Bank Group is a global consortium that develops sustainable solutions that reduce poverty and build property in developing countries. This is done by providing financial products and technical assistance to countries so they can apply innovative knowledge and working solutions to the challenges they face.
The Climate Change Action Plan of 2021-2025 will broaden the organization's efforts to invest in green projects by providing record amounts of financial support to developing countries to:
• Reduce emissions.
• Strengthen adoption.
• Align financial spending in accordance with the Paris Accords.
Who is in charge of its compliance?
• A board of governors that meets once per year.
• A governor or minister of finance who represents each member country.
• A board of 25 executive directors.
• Each agency's Articles of Agreement.
What countries are attached to the group?
There are currently 189 countries that are members of the World Bank Group. These countries share the core values of:
How is the group similar to the Paris Accords?
In 2016, the Paris Climate Accords were ratified by over 90 countries. The first of its kind, it is a global initiative to tackle climate change and global warming head-on. The World Bank Group's Climate Change Action Plan provides direct support to these countries and aids in the successful implementation of the accords.
How does the World Bank Group intend to achieve its goals?
The organization has established two incredibly ambitious objectives:
1. End extreme poverty within one generation.
2. Boost shared prosperity.
It plans to do this by developing the following:
Clean energy systems
• Expand the support of renewals and decarbonize the power sector.
• Make power much more reliable.
• Support the transition from coal.
• Eliminate subsidies for fossil fuels.
• Implement large-scale solar plants in Zambia.
Agriculture, food, water and land systems
• Develop creative ways to support a healthy planet and a thriving food system.
• Create technological solutions to address food and water needs as well as food waste.
• Promote better land use management.
• Foster healthier and more sustainable diets.
• Promote climate-smart agriculture in Colombia.
Sustainable cities systems
• Implement better water supplies along with sanitation services.
• Adopt clean energy initiatives.
• Recycle waste through circular economies.
• Increase energy efficiency by improving new construction standards.
• Retrofit existing structures.
• Implement the Cities and Climate Project in Mozambique.
• Transition to climate-resilient public transportation.
• Reform current regulations and policies.
• Make new investments in energy-efficient equipment.
• Support the ongoing transition to electric-powered vehicles and commercial fleets.
• Modernize freight transportation away from fossil fuels.
• Complete the Rail Improvement Project in Turkey.
• Support eco-industrial parks.
• Electrify the industry.
• Support renewable energy use to reduce global emissions.
• Support countries that develop policies that promote low-carbon growth and the phase-out of coal-powered facilities.
• Implement the Blue Loan Initiative in Asia.
Net Impact strives to educate and engage young students and professionals in actions that influence positive change in society and the environment. To learn more about how you can get involved in climate action initiatives, join your local Net Impact chapter.