The World Bank has announced measures that it wants to put in place to fight poverty globally while at the same time revealing efforts are in place to fight climate change. Climate change is a major topical issue, especially in Africa where it is affecting agriculture that has contributed to lower yields in the recent past.
For example, in the southern part of Africa, hot and dry weather conditions in South Africa have caused a significant impact on the availability of white maize cropÔÇöwhich may lead to shortages and hence rise in food prices.
According to the global bank, the world’s developed nations agreed in 2010 to mobilise “$100 billion a year by 2020 from public and private sources to help developing countries adapt to the impacts of climate change and reduce their emissions.
“If all the developed countries sat down and looked at their options, we could close the $70 billion gap and make progress toward a low-carbon, resilient future. We are committed to finding ways to do more,” said World Bank Group Vice President and Special Envoy for Climate Change Rachel Kyte.
The banks added that closing that $70 billion gap is critical to building the trust necessary to reach a robust deal at the international climate talks in Paris in December. The Paris agreement will address the bigger picture ÔÇô the trillions of dollars in low-carbon infrastructure and economic transformations necessary to build a low-carbon, resilient future.
But getting to a Paris agreement starts with the existing commitments: it means having a clear way to meet the $100 billion annual commitment by 2020.
Equally, the World Bank Group President Jim Yong Kim has outlined a strategy, which he said could help in the fight against poverty around the world. He summed up the strategy in three words: Grow, Invest, and Insure.
“First, agricultural productivity must increase. Second, we must build infrastructure that provides access to energy, irrigation, and markets,” Kim said.
“Third, we must promote greater and freer trade. Fourth, we must invest in the health and education of women and children. And fifth, we must implement social safety nets and provide social insurance, including initiatives that protect against the impact of natural disasters and pandemics.”