With impacts of climate change already affecting World Bank projects and programmes in a wide range of sectors, this report aims to integrate comprehensive climate risk management into all of the Bank’s activities. But how?
The report finds that despite accumulating operational experience in climate change risk management, there is a great need to heighten awareness of climate risk in Bank work. Incorporating climate risk management into the Bank’s development agenda involves getting the right sectoral departments and senior policy makers involved; incorporating risk management into economic planning; engaging a wide range of nongovernmental actors, paying attention to regulatory issues; and choosing strategies that will pay off immediately given our already-changing climate.
The document finds that there are several ways in which the World Bank Group can help its clients better manage climate risks to poverty reduction and sustainable development:
integrating climate risk management into the project cycle
integrating climate risk management into country and sector dialogues, especially in countries and sectors that are particularly vulnerable
enhancing internal support for and coordination of climate risk management
supporting the establishment of proper financing mechanisms for adaptation
The author concludes that by enhancing climate risk management, the World Bank Group will be able to address the growing risks from climate change and, at the same time, make current development investments more resilient to climate variability and extreme weather events. [adapted from author]