The Outlook 2050 recognizes the need for a “bold economic transformation” to realize the vision of the Paris Agreement and make the SDGs “more achievable”.
It proposes a “whole-of-economy” approach to decarbonization, which prioritizes four economy-wide strategic directions.
The report was launched as part of a series focused on the role of sustainable finance in the COVID-19 recovery to help countries “build back better and stronger”.
The World Bank has published a report that outlines economy-wide actions to facilitate decarbonization and sustainable development as the world recovers from the COVID-19 global pandemic.
The report aims to help countries align their development pathways with the goals of the Paris Agreement on climate change through long-term strategies that promote climate resilience of food and water systems, energy, transport, and cities, among other sectors.
The report titled, ‘World Bank Outlook 2050 Strategic Directions Note: Supporting Countries to Meet Long-Term Goals of Decarbonization,’ highlights the “huge risks” climate change poses to countries’ long-term development and growth, with critical implications for poverty, food security, and health.
In a foreword, Juergen Voegele, World Bank’s Vice President for Sustainable Development, cautions that all countries, particularly the poorest and most vulnerable, are now facing “the compound impacts of the twin challenges” of climate change and COVID-19.