June 8, 2015
To determine how investment in the developing world can impact and be impacted by climate change, the World Bank Group and its private sector arm, the International Finance Corporation, traveled to Arizona State University for expert sustainability advice.
On May 18, 2015, a diverse global cohort of 30 World Bank and IFC members gathered in Tempe for a two-day workshop. Here, seven prominent scientists from the Julie Ann Wrigley Global Institute of Sustainability presented their research and insights on climate change. Specialized lectures, panels and discussions explored how the World Bank could contribute to climate change mitigation, adaptation and resilience, as well as how climate change findings would affect the operations and priorities of the bank.
“This was an excellent opportunity to engage and educate World Bank Group staff who work on the ground on a daily basis with significant resources to mitigate and adapt to climate change," said Christopher Boone, dean of ASU’s School of Sustainability. "If the ideas generated from the workshop can be matched effectively to resources and practices, I see great potential for the World Bank and ASU to strategically align to address the grand challenges of climate change and sustainability."
This workshop was facilitated by an ongoing partnership between the ASU Wrigley Institute and World Bank Group. In October 2013, more than 40 IFC Climate Business Group members from around the world participated in a “short course” that connected IFC practitioners and leading ASU scholars in climate finance.
In fiscal year 2014, the World Bank Group’s climate investments increased to $11.9 billion, with the World Bank committing $8.8 billion and IFC committing $2.5 billion. MIGA, the Multilateral Investment Guarantee Agency, provided $600 million in projects. Together, these organizations manage 224 climate investment projects in over 77 countries during the fiscal year.
As major economies are preparing for the international climate talks in Paris in December 2015, the World Bank Group will continue to facilitate internal dialogue on the intersection of climate and investment.