World Banks Shock Waves report applauded by Climate Investment Funds

The Climate Investment Funds has welcomed and applauded the World Bank’s new report, “Shock Waves: Managing the Impacts of Climate Change on Poverty”.

The report makes clear the fundamental connection between the goals of stabilizing climate change and eradicating poverty – neither can be achieved without the other.

The good news, as the report indicates, is that “good development” in the next 15 years can prevent the worst potential impacts of climate change on the world’s poor. “Good development”, according to the report, is rapid, inclusive, and climate informed.

CIF Program Manager Mafalda Duarte says “The findings of ‘Shock Waves’ should shock the global community into ramping up its ‘good development’ efforts. This report shows why it is so important that leaders work for an ambitious deal at United Nations climate negotiations this month in Paris.”

“Climate change is hitting poor people first and worst,” says Duarte, “‘Shock Waves’ estimates that without sufficient good development, climate change could push an additional 100 million people into extreme poverty by 2030. For the sake of people and planet, we need to drastically reduce greenhouse gas emissions and invest in a more resilient future.”

The CIF is the world’s largest active multilateral climate finance vehicle, with US$8.1 billion to date of climate finance. CIF programs channel money to communities, enabling them to carry out projects that secure their livelihoods and increase their capacity to cope with climate change.

CIF is working in 72 developing and emerging countries worldwide, transforming these countries into leaders in inclusive development that increases climate resilience.

The CIF is already supporting 44 projects with US$791 in nine countries and two regions (including nine small island nations) to help them adapt to climate change.

The CIF leverages about eight dollars from other sources for every one dollar it contributes directly: at this rate, the CIF is likely to drive an estimated $US57 billion in climate finance from other sources to emerging markets worldwide.

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