World Bank Report identifies key economy-wide actions for long-term decarbonization and sustainable recovery
World Bank Outlook 2050 Strategic Directions Note examines how the World Bank can help countries plan for and achieve long-term decarbonization: through country programs, technical assistance, lending, and knowledge products. Supporting countries in a transition to long-term decarbonization requires the World Bank to not only look 3–5 years ahead, but look decades ahead, and then work with our clients to determine the near- and mid-term implications. It also proposes four pillars that can drive a ‘whole of economy’ approach to reaching decarbonization by mid-century, namely, macroeconomic frameworks, national budgets, financial sector regulations and incentives, and systems planning. It also examined actions across sectors that will drive this forward: food systems, land use, energy, mobility, water systems, low-carbon cities, oceans, and digital transformation. These strategies can also help countries with the economic recovery from COVID-19, optimizing the use of public resources, as well as mobilizing private finance, and securing a safer climate in the longer term.