Want to be in the loop?
subscribe to
our notification
Business News
WORLD BANK PROMISES $200 BN IN 2021-25 CLIMATE CASH
The World Bank on Monday unveiled US$200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding. The World Bank said the move, coinciding with a UN climate summit meeting of some 200 nations in Poland, represented a "significantly ramped up ambition" to tackle climate change, "sending an important signal to the wider global community to do the same."
Developed countries are committed to lifting combined annual public and private spending to $100 billion in developing countries by 2020 to fight the impact of climate change – up from 48.5 billion in 2016 and 56.7 billion last year, according to latest OECD data.
Southern hemisphere countries fighting the impact of warming temperatures are nonetheless pushing northern counterparts for firmer commitments.
In a statement, the World Bank said the breakdown of the $200 billion would comprise "approximately $100 billion in direct finance from the World Bank."
Around one third of the remaining funding will come from two World Bank Group agencies with the rest private capital "mobilised by the World Bank Group."
"If we don’t reduce emissions and build adaptation now, we’ll have 100 million more people living in poverty by 2030," John Roome, World Bank senior director for climate change, warned.
"And we also know that the less we address this issue proactively just in three regions – Africa, South Asia and Latin America – we’ll have 133 million climate migrants," Roome said.
’Fight the causes’
The bank’s financing package amounts to "about 40 billion a year, but the direct (finance) is 27 billion per year on average," Roome said.
He added that in the 2018 fiscal year, running from July 2017 to June this year, the World Bank had committed $20.5 billion to climate action, compared with an annual average of $13.5 billion for the 2014-18 period.
Roome said the money now being earmarked amounted to "about 35 per cent" of the World Bank Group’s total financing.
Much of the climate action financing is being set aside for reducing greenhouse gas emissions, notably through development of renewable energy strategies.
However, the World Bank stated that "a key priority is boosting support for climate adaptation," given the millions of people already battling the consequences of extreme weather.
"By ramping up direct adaptation finance to reach around $50 billion over (fiscal) 21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions," the bank stated.
Given the urgency to act in the face of sea level rise, flooding and drought "we must fight the causes, but also adapt to the consequences that are often most dramatic for the world’s poorest people," said World Bank CEO Kristalina Georgieva.
By stepping up financial aid to developing countries worst affected, Georgieva said the bank was committed to adapting infrastructure while investing in "climate smart agriculture, sustainable water management and responsive social safety nets" as well as early response networks.
"Even if we can keep global warming down to 2 degrees Celsius we know you’re gonna need a significant amount of adaptation in places like Chad, Mozambique or Bangladesh," said Roome.
The countries whose representatives are meeting at the UN climate summit which opened Sunday in the Polish city of Katowice are seeking to make good on commitments made in the 2015 Paris climate accord.
That agreement saw countries commit to limiting global temperature rises to well below two degrees Celsius (3.6 degrees Fahrenheit), and to the safer cap of 1.5C if at all possible.
Source: VNS
Related News
BUSINESS ENVIRONMENT REFORM NEEDS FURTHER PROMOTION: EXPERT
Ministries, sectors and localities need to drastically improve the business environment, including improving the efficiency in implementing reform. That was the message from Nguyễn Thị Minh Thảo, head of the Business Environment and Competitiveness Research Department at the Central Institute for Economic Management (CIEM).
MINISTRY ASKS CARRIERS TO DEVELOP FLEET OPERATION PLAN TO MEET SUMMER TRAVEL DEMAND
In a document sent to the Civil Aviation Authority of Việt Nam, the ministry said that the restructuring of some airlines’ fleet and flight networks, coupled with the recall of PW1100 engines by Pratt & Whitney for repair, have affected the load on both international and domestic flight routes, causing difficulties to passengers in terms of prices and schedules.
US AND VIETNAM BUILD MOMENTUM WITH UPGRADED TIES
In the six months since the historic upgrade of the US-Vietnam relationship to a Comprehensive Strategic Partnership, the United States and Vietnam have built on the momentum of our elevated relationship to advance bilateral cooperation across a range of areas.
LENDING SLOWDOWN THREATENS TO DELAY REAL ESTATE RECOVERY
Phan Duc Tu, chairman of BIDV’s Board of Directors, said, “Over the first 80 days of 2024, BIDV has disbursed loans totalling $18.95 billion to the economy. However, the figure is lower than its debt repayment of $19.55 billion. As of March 11, the bank’s outstanding balance contracted approximately 1 per cent compared with the end of 2023.”
PERFECT SPRINGTIME SIP AT LEGEND LOUNGE
Ho Chi Minh City, February 28, 2024 - The season of love dedicated to women has returned to the LOTTE HOTEL SAIGON, offering ladies impressive and sophisticated experiences. A highlight not to be missed at The Canvas seafood buffet restaurant is the masterpiece Lobster Ravioli. Visit Ottimo House to enjoy premium Italian cuisine prepared with Australian Wagyu beef. On Mondays and Tuesdays, Yoshino Japanese Cuisine Restaurant offers a 20% discount on sashimi. Discover the classy space and enjoy the new drinks available at Legend Lounge, including "Cherry Blossom Latte" and "Strawberry Afternoon Tea.". To end your self-love journey, Legend Healing Spa will be offering 20% off two special treatments.
VIETNAM RANKS IN TOP 5 FAVOURITE INVESTMENT DESTINATIONS AMONG ASIA’S EMERGING AND DEVELOPING COUNTRIES
The US' Milken Institute released the Global Opportunity Index (GOI) on March 5. The GOI remains a strong predictor of capital movements 10 years after its inception. The index alone explains 64.7 per cent of the variation in per capita foreign direct investment (FDI) inflows and 51.7 per cent of per capita portfolio inflows to countries across the world. The 2024 GOI report provides a global overview of countries' attractiveness and capital inflows.