World Bank Urges Rich Nations to Act Now on Climate

On September 15, the World Bank released its biennial global economic assessment, World Development Report 2010 , which this year focused exclusively on climate change. The report found that developed nations are responsible for over two thirds of greenhouse gas (GHG) emissions, but it will be developing nations that will bear 75-80 percent of the cost of climate change. Developing nations in South Asia and Africa could lose 4-5 percent of their gross domestic product if temperatures rise by more than 2°C, compared to minimal losses for developed nations. The report concluded that financial assistance from developed nations would provide the fairest and most cost-effective way to reduce the impacts of climate change, but it will not be cheap: developing countries will need $75 billion per year for climate change adaptation and over $500 billion annually to develop sustainable economies by 2030. “Unless developing countries also start transforming their energy system as they grow, limiting warming to close to 2°C above the pre-industrial levels will not be achievable,” the report warned.

Rosina Bierbaum, who sits on EESI's Board of Directors, co-directed the report and added, “We can't afford not to address it. But it absolutely will not be cheap and it will not be easy.” The report called on developed nations to take action and concluded, “Left unmanaged, climate change will reverse development progress and compromise the well-being of current and future generations. That is why decisive, immediate action is needed.”