Friday 24th September 2021
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Tag Archives: World Bank

World Bank’s carbon market threatens forest people’s rights

Andy White

Lack of safeguards for indigenous land rights opened the door for accelerated deforestation and palm oil plantations across Indonesia; as Ebola recedes, Liberia faces the same threats   A new report finds that Indigenous Peoples and local communities control less than one sixth of tropical forests – despite living in or near the forests and safeguarding them – in eight ...

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World Bank supports Brazil climate-friendly projects with $400 million

Candido Bracher

The International Finance Corporation (IFC), a member of the World Bank Group, is providing a $400 million financing package for Banco Itaú Unibanco, one of the largest banks in Brazil, to support projects that will help mitigate the effects of climate change. With IFC’s support, Itaú will finance renewable energy, water treatment, and energy efficiency projects, along with other initiatives that ...

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World Bank invests in $120m Abuja shopping mall

The IFC, a member of the World Bank Group, has announced a $9.5 million investment in Jabi Lake Mall to support demand for modern business infrastructure and retail space in Abuja, Nigeria. The project will help create about 350 construction jobs and 900 long-term, retail-sector jobs. The $120 million Jabi Lake Shopping Mall is being built on five hectares of ...

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World Bank warns that damages from extreme weather are rising

As the global climate continues to change, the costs and damages from more extreme weather related to a warming planet are growing. While all countries are impacted, developing nations bear the brunt of mounting losses in lives and livelihoods from increasingly severe floods, droughts, and storms. “Typhoon Haiyan, the most powerful typhoon ever to hit the Philippines, has brought into sharp ...

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World Bank: How climate change threatens Nigeria’s development

Lokoja

Though Nigeria appears to be on track to be among the world’s top 20 largest economies, climate change could however impact the country’s development and derail the dream. The authorities are faced with the task of lessening the impacts of the phenomenon and grow the country’s economy with a reduced carbon footprint. Two new reports from the World Bank – “Toward ...

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Nigeria, others lose $5.5b annually to poor sanitation

Nigeria and 17 other African countries lose around US$5.5 billion every year due to poor sanitation, with annual economic losses between 1 percent and 2.5 percent of GDP, says a report prepared by the World Bank’s Water and Sanitation Program (WSP). Apart from Nigeria, the study covered Benin, Burkina Faso, Chad, Central African Republic, Democratic Republic of Congo, Ghana, Kenya, ...

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Promising African CDM prospect amid World Bank intervention

Nigeria and some 16 other middle-income countries are beneficiaries to the $7 billion Climate Investment Fund (CIF), which is being implemented by the World Bank in partnership with some multilateral development banks. The CIF entails the $4.8 billion committed to the Clean Technology Fund (CTF) and $2.2 billion to the Strategic Climate Fund (SCF). Similarly, the African adoption of Clean ...

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