Two of the world’s largest development banks will be holding their annual meetings in Washington, DC this week.
Central bankers, government officials, finance ministers, and journalists will gather in the American capital Friday for the IMF/World Bank spring meetings. Participants will discuss Ukrainian finance needs, China’s non-banking credit bubble, and global growth rates.
Climate change, too, may be on the agenda. In recent months, World Bank President Jim Yong Kim has been vocal on how a changing climate could spell disaster for poverty-reduction programs.
At the World Economic Forum in January, Kim explicitly called for governments to put a price on carbon:
First things first: Many have called for a price on carbon. Now, we must act. Governments must put a price on pollution. Putting a price on carbon through either taxes or market-based instruments are key.
He also urged investors to manage carbon-related risk by reducing investments in fossil fuel companies—or by divesting from them completely.
In the lead up to this week’s meetings, Kim is back in the news for his comments about the impacts of climate change. These remarks echo the latest report from the UN-sponsored Intergovernmental Panel on Climate Change (IPCC), which warns that climate impacts are already being felt around the world and will only continue to get worse.
According to Kim, battles over water and food will erupt within the next five to 10 years as a result of climate change. He urged those campaigning against global warming to learn the lessons of how protesters and scientists joined forces in the battle against HIV.
He said it was possible to cap the rise in global temperatures at 2C but that so far there had been a failure to replicate the “unbelievable” success of the 15-year-long coalition of activists and scientists to develop a treatment for HIV.
The bank’s president—a doctor active in the campaign to develop drugs to treat HIV—said he had asked the climate change community: “Do we have a plan that’s as good as the plan we had for HIV?” The answer, unfortunately, was no.
Is there enough basic science research going into renewable energy? Not even close. Are there ways of taking discoveries made in universities and quickly moving them into industry? No. Are there ways of testing those innovations? Are there people thinking about scaling [up] those innovations?
Read more: the Guardian>>