{"id":62053,"date":"2023-04-06T14:54:17","date_gmt":"2023-04-06T12:54:17","guid":{"rendered":"https:\/\/staging.i4ce.org\/?p=62053"},"modified":"2023-10-12T18:49:44","modified_gmt":"2023-10-12T16:49:44","slug":"ambition-key-missing-ingredient-world-bank-paris-alignment-approach","status":"publish","type":"post","link":"https:\/\/staging.i4ce.org\/en\/ambition-key-missing-ingredient-world-bank-paris-alignment-approach\/","title":{"rendered":"Ambition is the Key Missing Ingredient in the World Bank\u2019s Paris Alignment Approach\u202f"},"content":{"rendered":"

After years of waiting, the World Bank finally approved and released its alignment approach with the mitigation and adaptation goals of the Paris Agreement<\/a>. Presented by the World Bank as \u201cthe most comprehensive institutional undertaking ever done by the Bank Group to reconcile development and climate\u201d, this alignment approach is an important step towards the reform of the World Bank currently under discussion<\/a>. But this approach won\u2019t be sufficient, argue Alice Pauthier and Sarah Bendahou in this blog post. It could be more ambitious.\u202f\u202f\u00a0<\/strong><\/p>\n

 <\/p>\n

What is an alignment approach? <\/span>It<\/span> is a process through which an organisation, let\u2019s say the World Bank, aims to contribute, across all its activities, to countries\u2019 <\/span>decarbonised<\/span> and resilient development. It includes (i) an alignment commitment, which sets the level of ambition of the institution with specific objectives and targets, and a strategy to achieve them, and (ii) a set of assessment methodologies, tools and processes that will enable operational teams to screen and prioritize activities.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

The World Bank’s Paris alignement approach sets minimum ambition<\/span><\/b><\/h2>\n

Let\u2019s start with the alignment commitment of the World Bank. Is it ambitious? <\/span>Su<\/span>r<\/span>prisingly <\/span>n<\/span>o<\/span>t<\/span> more than<\/span> other<\/span> financial institutions<\/span>,<\/span> including <\/span>from the private sector<\/span>,<\/span> who commit to \u201cdo no harm\u201d across all their activities, or to \u201csupport climate co-benefits\u201d in specific sectors relevant to their operations. In practice, <\/span>these institutions <\/span>would for example stop investing in new coal assets, accelerate investment in assets with robust transition plans, or in renewables.\u00a0<\/span>\u00a0<\/span><\/p>\n

 <\/p>\n

It\u2019s a good start. But financial actors can go further, and public development banks such as the World Bank are expected to go further.\u202fThey <\/span>should<\/span> go beyond \u201cdoing no harm\u201d or \u201csupporting climate co-benefits\u201d, and instead <\/span>aim to \u201cfoster transformative outcomes\u201d (see Figure 2). In other words, they are expected to not only follow what is happening in economic sectors, but to \u201cpave the way\u201d for the transition in developing economies and emerging markets. The World Bank can create the conditions for renewable projects to be bankable in a specific market and attract private investors. It can also contribute to accelerating the retirement of coal assets. By doing so, it contributes to changing some fundamental characteristics of the real economy.\u00a0<\/span>\u00a0<\/span><\/p>\n

 <\/p>\n

This lack of ambition is a<\/span>l<\/span>l the mo<\/span>re<\/span> surprising <\/span>since <\/span>t<\/span>he World<\/span> Bank adopted a<\/span>n <\/span>ambitious <\/span>C<\/span>limate <\/span>C<\/span>hange <\/span>Action Plan<\/span><\/a> last year<\/span>. <\/span>A<\/span>dditional commitments<\/span> included <\/span>the prioritization of key systems<\/span>‘<\/span> transition<\/span> (<\/span>e.g.<\/span> transport<\/span>, cities, manufacturing<\/span>, etc.<\/span>)<\/span> in developing count<\/span>ries<\/span>. <\/span>Yet, the <\/span>World Bank<\/span>\u2019s<\/span> current alignment approach <\/span>does not go that far<\/span> and <\/span>would<\/span> fail<\/span> to support these efforts<\/span>.<\/span>\u00a0<\/span><\/p>\n

 <\/p>\n

The Paris Alignment \u2018Bulls eye\u2019: actively supporting national and international transformations across all activities\u00a0<\/strong><\/p>\n

\"\"<\/p>\n

Improving alignement for more impact<\/span><\/b>\u00a0<\/span><\/h2>\n

What about the World Bank\u2019s instruments and processes to implement this commitment?\u00a0<\/span> As they stand, they <\/span>will not help prioritize activities, identify how to foster transformative outcomes, and maximize the World Bank\u2019s impact.\u202f\u202f<\/span><\/p>\n

 <\/p>\n

The World Bank, like other multilateral development banks, currently assesses the compatibility of projects with a country\u2019s climate<\/span> and development<\/span> pathway during project preparation<\/span>, as illustrated below<\/span>. This timing leaves little room for significant amendments in project design, to <\/span>align with country priorities and maximize impact. This alignment assessment should occur before project preparation, and even before project identification, directly informing the World Bank\u2019s intervention strategy in the country.<\/span>\u00a0<\/span><\/p>\n

 <\/p>\n

T<\/span>he alignment assessment could even support country dialogue and ensure activities jointly identified with the country result in the most transformative climate and development outcome for local communities. <\/span>This <\/span>outcome<\/span> would require<\/span> technical and financial support for which the World Bank has<\/span> identified that it has<\/span> most added value compared to domestic public and private financial resources or international finance from other institutions. Such <\/span>identification<\/span> would be rather straight forward when countries have already developed sufficiently granular Paris-aligned long-term strategies, in which they <\/span>determine <\/span>the key priority climate actions by sector e.g. the development of a Y% electric mobility offer in the public transport sector by year X. It would be even easier to perform if countries define related investment priorities and financing plans that identify domestic financial resources, as well as financing gaps that require investment-enabling policy reforms and international financial support.\u202f<\/span>In its alignment approach<\/span>,<\/span> the<\/span> World Bank<\/span> recognizes the importance of these <\/span>country strategies and<\/span> has already dedicated support <\/span>for capacity building in this area<\/span> that should be scaled up<\/span>.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Similarly, the<\/span> wider<\/span> World Bank Group has developed instruments and processes to assess the compatibility of operations intermediated by a partner financial institution<\/span>, such as a national development bank in a <\/span>certain<\/span> country<\/span>. <\/span>But that wil<\/span>l not be<\/span>\u00a0enough to play an active role and maximi<\/span>z<\/span>e its impact. To contribute to the alignment of financial systems, the World Bank Group is expected to actively support changes in financial sector practice, and it is equipped to go further, by building the capacity of financial institutions in developing countries, and helping accelerate their own alignment journey. Along with the International Monetary Fund and other multilateral development banks, the World Bank Group is also in a position to build the capacity of national authorities to foster the integration of climate considerations in national regulation and supervision. The development of these capacity building activities should be an integral part of the World Bank<\/span>\u2019s Paris<\/span> alignment approach.\u00a0<\/span>\u00a0<\/span><\/p>\n

 <\/p>\n

At the end of the day, <\/span>the World Bank\u2019s Paris Alignment<\/span> approach<\/span> won\u2019t be enough to achieve <\/span>the Paris Agreement goals. <\/span>It lacks ambi<\/span>tion and <\/span>w<\/span>ill no<\/span>t <\/span>enable<\/span> the World Bank<\/span> to <\/span>prioritize <\/span>operations<\/span> with the most <\/span>transformative <\/span>outcome<\/span>s. <\/span>Maximi<\/span>z<\/span>ing impact should be high on the agenda of the <\/span>World Bank<\/span> reform<\/span> and <\/span>at the core<\/span> of its future business model<\/span>. <\/span>Th<\/span>is should be acknowledged by its shareholders who should provide <\/span>the<\/span> World Bank <\/span>with<\/span> the resources and mandate<\/span> it needs<\/span> to scale it up.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

After years of waiting, the World Bank finally approved and released its alignment approach with the mitigation and adaptation goals of the Paris Agreement. Presented by the World Bank as \u201cthe most comprehensive institutional undertaking ever done by the Bank Group to reconcile development and climate\u201d, this alignment approach is an important step towards the reform of the World Bank currently under discussion. But this approach won\u2019t be sufficient, argue Alice Pauthier and Sarah Bendahou in this blog post. It could be more ambitious.\u202f\u202f<\/p>\n","protected":false},"author":9,"featured_media":62055,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[79],"tags":[],"class_list":["post-62053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-post"],"acf":[],"yoast_head":"\nAmbition is the Key Missing Ingredient in the World Bank\u2019s Paris Alignment Approach\u202f - I4CE<\/title>\n<meta name=\"description\" content=\"After years of waiting, the World Bank finally approved and released its alignment approach with the mitigation and adaptation goals of the Paris Agreement. 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