The world is not on track to achieving the Paris Climate Agreement goal of mitigating a global temperature rise. Choices made today will lock in emissions trajectories for years to come and leave communities vulnerable to climate impacts. Yet, the world has a historic opportunity and necessity to change course while also fulfilling the Sustainable Development Goals (SDGs).
The World Bank Group has been instrumental in helping countries address climate change and aligning our financing flows with the goals of the Paris Agreement through the WBG’s new Climate Change Action Plan reaffirms this unrelenting commitment.
Decisive decarbonization actions are needed in developing countries where population is growing at an average 1.3% per annum and GDP at 4%. There is a window of opportunity to shape a low carbon future in the context of efforts to achieve universal energy access, higher disposable incomes, continued urbanization, and industrialization, as well as higher temperatures as a result of locked-in climate change.
The World Bank Group, through ESMAP, is uniquely positioned to support client countries in accelerating decarbonization by helping them adopt innovative technologies and solutions, leapfrogging old technologies that could have locked-in carbon emissions for decades. ESMAP is also committed to equitable decarbonization efforts that advance gender equality.