Harnessing climate resources for development

The World Bank's Senior Climate Change Adviser, Stéphane Hallegatte, emphasized the importance of integrating climate financing into development initiatives, particularly in developing economies. Speaking to CNBC Africa's Godfrey Mutizwa, Hallegatte highlighted that climate change is not a stand-alone issue, but rather a crucial element that must be taken into consideration in all development efforts. The Bretton Wood Institution, which includes the World Bank, plays a key role in combining climate and development resources to drive sustainable progress. Hallegatte underscored the need for integrated planning to address the challenges posed by climate change and support resilient, low-carbon development pathways. This approach involves conducting diagnostics in each country to identify key challenges and opportunities, setting priorities, and working with stakeholders on both technical and financial fronts. One key point discussed in the interview was the collaboration between public and private finance to meet the growing needs of climate financing. Hallegatte emphasized the importance of leveraging public funds to attract private investments and facilitate sustainable development. The World Bank's support extends to various sectors, including agriculture, where efforts are made to empower small farmers with technological advancements and practices that enhance their productivity and resilience to climate risks. In regions like the Sahel, interventions have led to increased revenues for farmers while reducing carbon emissions, showcasing the potential for impactful climate-smart initiatives. Another crucial aspect raised was the blending of development and climate finance resources to build resilience and address climate risks effectively. Hallegatte explained that a significant portion of the bank's development finance inherently contributes to climate adaptation and resilience-building. Climate funds are also utilized to enhance project efficiency and impact on the ground. The goal remains to utilize climate resources to improve development outcomes and ensure a holistic approach to sustainability. As the world approaches COP28 in the United Arab Emirates, Hallegatte shed light on the World Bank's participation in the global climate dialogue. While emphasizing the need for prioritization and targeted support for countries, he mentioned the importance of aligning international agreements with on-the-ground implementation. Despite skepticism surrounding the event's location in a fossil fuel-centric country like the UAE, Hallegatte expressed optimism about the potential for significant achievements at COP28, highlighting the ongoing efforts to drive climate action and sustainable development. In light of the upcoming climate conference, the World Bank remains committed to supporting countries in their climate and development goals, aiming to catalyze impactful change and resilience-building strategies for a more sustainable future.