The World Bank today urged the international community to integrate climate risk concerns now in development strategies in order to safeguard economic growth and poverty reduction gains in the short and long term.
According to Managing Climate Risk-Integrating Adaptation into World Bank Group Operations, a new report launched on the occasion of the Third Global Environment Facility (GEF) Assembly, held August 29th – 30th in Cape Town, “The impacts on investments, through increased costs or significant redirection, are estimated at 1 to 2 percent of the investment portfolio, or about $200 million to $400 million per year within the World Bank Group, and at least $1 billion for all official development assistance and concessional lending.”
According to the report, “Adaptation to climate change should be addressed through a climate risk management approach – that is, an ongoing process that starts with coping strategies for current climate variability, tries to anticipate changes in climate change, and seeks to evolve new coping strategies as necessary.”
See full Press Release.
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