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11. What Counts as Climate? Preliminary Evidence from the World Bank’s Climate Portfolio

Author:
Guido Núñez-Mujica, Vijaya Ramachandran, and Scott Morris
Publication Date:
06-2023
Content Type:
Policy Brief
Institution:
Center for Global Development (CGD)
Abstract:
The World Bank is one of the largest providers of development finance to poor countries. In recent years, it has been under immense public pressure, mostly from its richest shareholders, to expand its climate portfolio. We examine the World Bank’s climate portfolio at the project level for the period 2000-2022 and find that financing is skewed towards mitigation projects. These projects lack estimates of greenhouse gas (GHG) emissions reductions, and there is no standardized reporting on GHG estimates across the portfolio. Further, hundreds of projects tagged climate—many in poorer countries—appear to have little to do with climate change mitigation or adaptation. We recommend that projects labeled climate should be accompanied by a clear explanation of why they mitigate emissions (with estimates of GHG reductions) or how they help increase resilience to climate-related events. Likewise, the World Bank must do more to identify outputs and verify outcomes for climate projects.
Topic:
Climate Change, Development, World Bank, and Sustainable Development
Political Geography:
Global Focus

12. Warming or Cooling on World Bank Climate Finance: What Drives Country Demand?

Author:
Clemence Landers, Karen Mathiasen, and Samuel Matthews
Publication Date:
12-2023
Content Type:
Policy Brief
Institution:
Center for Global Development (CGD)
Abstract:
The climate agenda has been a dominant feature of World Bank reform efforts, with President Banga aiming to both mobilize new resources and increase the proportion of total funding for climate-related projects. The stakes are high: greenhouse gas (GHG) emissions in many borrowing countries are elevated and rising, dimming prospects for meeting the 2030 Paris Agreement target to limit warming to a 1.5 degrees Celsius increase. To date, stakeholders have focused on how to mobilize new funding for climate mitigation reflecting an emphasis on the supply side (e.g., financing) of the agenda. But there has been little analysis on the demand side (or project pipeline). The assumption is that more money will generate more demand. But this does not necessarily follow. In this paper, we discuss major factors that will influence demand for climate mitigation projects, especially from the largest emitters of greenhouse gases (e.g., China, India, Brazil, Indonesia, Mexico). Our assessment is that factors like World Bank borrowing costs and access to alternative sources of finance will likely limit demand absent financial incentives, which could prove costly and difficult to resource at the scale needed to have meaningful impact. We also see a risk that these incentives could be used inefficiently absent a rigorous analysis to identify where they could have the most impact and a robust framework for assessing results.
Topic:
World Bank, Climate Finance, and Sustainable Development
Political Geography:
Global Focus

13. Leveraging Knowledge Generation for Policy Impact: Recommendations for the World Bank

Author:
Amanda Glassman, Julia Kaufman, Ruth Levine, and Janeen Madan Keller
Publication Date:
07-2022
Content Type:
Policy Brief
Institution:
Center for Global Development (CGD)
Abstract:
Since the 2006 release of the CGD report When Will We Ever Learn? Improving Lives Through Impact Evaluation, there have been nearly two decades of progress in generating and using evidence for public policy decisions and development programs. There has been a steady increase in the number of impact evaluations—a rigorous approach that establishes the attributable net impact of a project or program. Their ability to assess attribution makes impact evaluations uniquely well suited for decision making. Nevertheless, the COVID-19 pandemic put a spotlight on an unfinished agenda and underscored the need for high-quality, timely, and context-specific evidence. Across sectors, decision makers in governments, aid agencies, multilateral organizations, and NGOs have not yet fully harnessed the value of evidence for better public policies. Numerous challenges limit evidence use. On the demand side, impact evaluations may lack relevance to policy decisions and fail to respond to decision makers’ priorities, timelines, and questions. On the supply side, decision makers often lack institutional incentives and funding to generate and act on relevant evidence. Current funding models compound these challenges by contributing to misaligned incentives between policymaker needs and academic researchers. In response to these challenges, CGD launched the Working Group on New Evidence Tools for Policy Impact to develop a renewed agenda for the next generation of investments in impact evaluation and related evidence systems to enhance their value for real-world decision making. The group brought together policymakers and experts to review the progress and obstacles to the use and utility of evidence for global development. Its final report highlights how far the field has come in addressing critiques about the scale, generalizability, and policy utility of impact evaluation, and offers recommendations to the development community on “what and how to fund to deliver on the promise of impact evaluation and bolster the broader evidence ecosystem.” The working group proposes five ways to improve impact evaluation funding and practice: (1) design evaluations that start from the policy question and decision space; (2) harness technology for timely, lower-cost evidence; (3) advance locally grounded evidence-to-policy partnerships; (4) enact new incentives and structures to strengthen evidence use; and (5) invest in evidence leaders and communities.
Topic:
International Cooperation, World Bank, Finance, and Banking
Political Geography:
Global Focus

14. Let Them Eat Carbon

Author:
Vijaya Ramachandran and Arthur Baker
Publication Date:
06-2022
Content Type:
Working Paper
Institution:
Center for Global Development (CGD)
Abstract:
The push for the World Bank and others to link their investments to addressing climate concerns stems from a fear that, unless developing countries take action to decarbonize now, their economic growth will lead to vast emissions that will derail all global efforts to limit climate change. This approach, which treats low- and middle-income countries as a monolith, is unhelpful to the conversation about climate change. To understand better where emissions are concentrated and how to address them, we projected carbon dioxide emissions to 2035—the point at which observers believe they will level off in most countries due to technological advances and accumulating wealth—under some simple assumptions. Emissions from the world’s poorest 64 countries, those which get IDA loans, will remain very low for decades to come, even if their economies grow rapidly and without action to reduce emissions. Pressuring low- and lower-middle-income countries to replace plans for gas power with solar or wind energy will have limited climate benefits compared to replacing coal generation in richer countries. It is just more efficient—and just—to focus on climate mitigation where emissions are high, and on poverty reduction where poverty is high. And given that there is no sign of an increase in aid spending, especially in the poorest countries, rich countries must not cannibalize development aid or reinvent the development finance architecture
Topic:
Climate Change, Environment, World Bank, Finance, Banking, and Green Transition
Political Geography:
Global Focus

15. Unaccountable Accounting: The World Bank’s unreliable climate finance reporting

Author:
Jason Farr, James Morrissey, and Christian Donaldson
Publication Date:
10-2022
Content Type:
Policy Brief
Institution:
Oxfam Publishing
Abstract:
Despite being the largest multilateral provider of climate finance, the World Bank supplies very little evidence to support its claims about the amount of climate finance it provides. Oxfam has attempted to recreate the Bank’s reported climate finance figures using public information for projects in the Bank’s FY2020. Oxfam found that the Bank’s current climate finance reporting processes are such that its claimed levels of climate finance cannot be independently verified and could be off by as much as $7bn, or 40%. Without better disclosure practices, the World Bank is asking us to take much on faith. Climate finance funding is too important for us to do that. The World Bank must be more transparent in its reporting so that it can be held to account.
Topic:
Climate Change, Environment, International Cooperation, World Bank, Climate Finance, and Banking
Political Geography:
Global Focus

16. CAN DEBT RELIEF CONSTRAIN REPRESSIVE GOVERNMENTS?

Author:
Brett L. Carter
Publication Date:
10-2022
Content Type:
Commentary and Analysis
Institution:
Political Violence @ A Glance
Abstract:
The African continent is confronting the prospect of a new debt crisis. The COVID-19 pandemic wreaked havoc on government finances. The Russian government’s war against Ukraine has increased the cost of food and energy, and compelled investors to sell off government bonds in emerging markets. Rising interest rates in the United States will increase the cost of borrowing. The Chinese economy is struggling under the weight of Xi Jinping’s “Zero COVID” policy and accumulated real estate debt. In 2015, the International Monetary Fund announced that eight countries were in debt distress. By March 2022, 23 were. In June, public debt ratios reached a 20-year high. Africa’s debt-distressed governments “are unlikely to default” in 2022,” The Economist observed, “but face trouble by 2024.” There is some evidence that the debt crisis is especially acute for Africa’s non-democracies. The impending debt crisis coincides with a general sense that Africa is experiencing a democratic recession. Voters are increasingly subject to intimidation and violence. Incumbent presidents are removing term limits. The longstanding norm against military coups is fading.
Topic:
Cold War, Debt, World Bank, GDP, Repression, and IMF
Political Geography:
Africa, Russia, China, Ukraine, Asia, Democratic Republic of the Congo, and United States of America

17. The World Bank, the IMF, and the GATT/WTO: Which institution most supported trade reform in developing economies?

Author:
Douglas A. Irwin
Publication Date:
12-2022
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
The 1980s and 1990s saw a policy revolution in developing countries in which many highly protected (if not closed) economies were opened to world trade. These reforms were largely undertaken unilaterally, but international economic institutions such as the World Bank, the International Monetary Fund, and the General Agreement on Tariffs and Trade/World Trade Organization supported these efforts. This paper examines the ways in which these institutions promoted, or failed to promote, trade policy reform during this pivotal period.
Topic:
Development, World Bank, Reform, Trade, IMF, and WTO
Political Geography:
Global Focus

18. WILL COOPERATION BETWEEN THE WORLD BANK AND CHINA LAST?

Author:
Richard Clark
Publication Date:
02-2022
Content Type:
Commentary and Analysis
Institution:
Political Violence @ A Glance
Abstract:
International development organizations, which provide concessional loans and grants to help finance developing countries, often overlap with one another, performing similar tasks in similar countries. For instance, dozens of such organizations have offered COVID-19 relief to developing country member states. In one case, the World Bank approved a $95 million package for Uzbekistan to strengthen its medical systems in April 2020. The Asian Development Bank pledged another $1.1 billion to Uzbekistan over the last two years, and the World Health Organization doled out another $10 million in personal protective and laboratory equipment. Overall, 28 international organizations provide development assistance today.
Topic:
Development, International Organization, World Bank, and Finance
Political Geography:
China and Asia

19. WTO 2025: Constructing an executive branch

Author:
Alan Wm. Wolff
Publication Date:
05-2022
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
The World Trade Organization (WTO) as an institution accords much less of a role to its chief officer and her staff, namely the WTO Director-General and the Secretariat, than do any of its sister international organizations—the World Bank, the International Monetary Fund, the Organization for Economic Cooperation and Development—to their chief officers and staff. The WTO Secretariat is much smaller than its peer international organizations and underfunded. In considering WTO reform, this deficiency needs to be rectified if the WTO’s performance is to live up to its Members’ needs.
Topic:
Economics, World Bank, IMF, WTO, and OECD
Political Geography:
Global Focus

20. The World Bank in Asia: An assessment of COVID-19-related investments through a care lens. Care-responsive investments and development finance

Author:
Bist Joshi and Dharmistha Chauhan
Publication Date:
12-2021
Content Type:
Research Paper
Institution:
Oxfam Publishing
Abstract:
International financial institutions (IFIs) have been playing a vital role in the response to the COVID-19 pandemic and will play an equally important role in the recovery and ‘build back anew’ agenda. This is particularly true of the World Bank Group (WBG), given its high volumes of committed investments across sectors, especially in low-income and vulnerable countries. This report presents, through case studies, how care-responsive the World Bank’s COVID-19-related investments have been in four member countries: Bangladesh, Cambodia, Nepal and the Philippines. It does so by using the Care Principles and Care-Responsiveness Barometer for IFIs to assess the nature of the WBG’s COVID-19 investments in these select countries, and by building evidence through a gender- and care-responsive budget review. The report demonstrates that the Bank has a foundation for care-inclusion upon which to build, and urges it to adopt a more comprehensive care-responsive approach to its operations in order to move towards rebuilding a more gender-just and equal future.
Topic:
World Bank, Finance, Investment, Pandemic, and COVID-19
Political Geography:
Asia