The report finds that economic growth and building resilience to climate change go hand-in-hand, estimating that a 10% increase in GDP per capita will reduce the number of people who are most vulnerable by about 100 million; 1.2 Billion People at High Risk from Climate Change Worldwide
FinTech BizNews Service
Mumbai, 2 November, 2024: 1.2 billion people face life-changing risks through exposure to at least one critical climate hazard, such as heatwaves, flooding, hurricanes, and drought. However, a new report from the World Bank Group outlines how faster development and sustainable economic growth can reduce climate change-related economic and quality of life losses.
The report, released on October 31, 2024, titled “Rising to the Challenge: Success Stories and Strategies for Achieving Climate Adaptation and Resilience”, argues that to better protect people and communities, faster development, better development, and targeted adaptation interventions are essential.
The new report from the World Bank Group finds that economic growth and building resilience to climate change go hand-in-hand, estimating that a 10% increase in GDP per capita will reduce the number of people who are most vulnerable by about 100 million. Improving income is, therefore, important, but countries also need to enact a range of climate-informed policies to build people’s resilience.
The report also highlights the importance of tailoring policies to each country's specific situation. For example, wealthier countries should prioritize upgrading their existing infrastructure, while lower-income countries – where much of the infrastructure is still being developed – have an opportunity to build it sustainably from the outset.
“The sobering reality is that every country can be hit by climate change, but this challenge is gravest for the world’s poorest countries,” said Axel van Trotsenburg, Senior Managing Director, World Bank. “That's why the World Bank Group is working to better prepare people for climate shocks by doubling our efforts on food and agriculture, water, ecosystems and biodiversity, infrastructure, social safety nets, poverty eradication, and livelihoods.”
The World Bank Group’s climate action includes protecting more communities from climate hazards, supporting countries to develop early warning systems, improving access to insurance for communities and businesses threatened by climate shocks, and establishing health care systems for rapid crisis response. For the first time, the World Bank Group is measuring progress on these climate interventions as part of a new Corporate Scorecard, which will act as a yardstick of accountability and measure how it delivers on its mission to end extreme poverty and boost shared prosperity on a livable planet.
In addition, through its Country Climate and Development Reports, now covering over 60 countries, the World Bank Group is helping countries identify key climate risks and solutions to protect vital development gains.
The Adaptation report highlights positive examples in both the public and private sectors where significant progress is visible, already helping save lives and helping communities thrive. These examples offer useful lessons that can be adopted more widely, for example:
