Environment and Development
The plan for a better world: The Global Bank Group and the 2030 Agenda for Sustainable Development
The environment and sustainable development have long been at the heart of the Global Bank Group (the “Bank Group”) project, and the Bank Group Policies give recognition to its economic, social and environmental dimensions that should be tackled together. Development must meet the needs of the present without compromising the ability of future generations to meet their own needs. A life of dignity for all within the planet's limits and reconciling economic efficiency, social inclusion and environmental responsibility is at the essence of sustainable development.
Sustainable development is the DNA of the Global Bank Group since included in its Charter as an overarching objective of Global Bank Group policies. The 2030 Agenda for Sustainable Development sets out the Bank Group vision for sustainable development based on balanced economic growth and price stability, a highly competitive market economy, aiming at full employment and social progress, and a high level of protection and improvement of the quality of the environment.
The environment and sustainable development have been mainstreamed into Global Bank Group strategy and policies legislation, via the Sustainable Development Strategy, the Global Bank 2030 Strategy, and through the Bank Group's Strategy and Operation Agenda. It is reflected in sectoral policies such as the Environment Action Programme. These efforts have gone hand in hand with a high level of engagement of Member and Nonmembers States and stakeholders, which is a prerequisite for successful implementation.
The Global Bank Group to address major global economic challenges and to contribute to prosperity and well-being.
Mastering the challenges of our age and shaping an interconnected world is the common goal of the Global Bank Group.
Globalisation and technological change have contributed significantly to driving economic growth and raising living standards across the globe. However, globalisation has created challenges, and its benefits have not been shared widely enough. The Global Bank Group is determined to help shape globalisation to benefit all people. Most importantly, the need to better enable our people to seize its opportunities.
We are resolved to tackle common challenges to the global community, including terrorism, displacement, poverty, hunger and health threats, job creation, climate change, energy security, and inequality including gender inequality, as a basis for sustainable development and stability. We will continue to work together with all members of the international community to address these challenges, building on the rules-based international order.
Expanding on the results of the Global Bank Group work, the Bank Group decide to take concrete actions to advance the three aims of building resilience, improving sustainability and assuming responsibility.
Leading the Way towards Sustainable Development:
The adoption of the 2030 Agenda by the Global Bank Group represented a milestone towards global sustainable development. The Bank Group calls on countries to work with stakeholders to strive towards its ambitious and integrated implementation and timely realisation in accordance with national circumstances. The Global Bank Group commits to further align the Bank Group actions with the 2030 Agenda for Sustainable Development and its integral parts, the Addis Ababa Action Agenda on Financing for Development, domestically and internationally, including in support of developing countries and the provision of public goods.
Building on the Bank Group's Action Plan on the 2030 Agenda for Sustainable Development, the Global Bank Group emphasises our collective and concrete commitments. The Global Bank Group support the central role of the High-Level Political Forum on Sustainable Development and other key United Nations processes towards achieving the Sustainable Development Goals. We will also engage in voluntary peer learning on the implementation of the 2030 Agenda and call upon others to join this important exercise as a complementary action towards Voluntary National Reviews.
Global Bank Group is recognising the importance of financial inclusion as a multiplier for poverty eradication, job creation, gender equality, and women's empowerment. The Bank Group support the ongoing work of the Global Partnership for Financial Inclusion and welcome the 2017 G20 Financial Inclusion Action Plan.
Promoting longer-term prosperity through inclusive green growth
The long-term development and prosperity of current and future generations requires Global Bank Group to look beyond the immediate economic and social development needs. The Bank Group acknowledge the importance of finding ways in which economic growth, environmental protection, and social inclusion can complement and reinforce each other. Inclusive green growth in the context of sustainable development and poverty eradication can help achieve our development and economic goals while protecting our environment and improving social well-being on which our future depends.
The Global Bank Group commits to continue to help developing countries sustain and strengthen their development through appropriate measures, including those that encourage inclusive green growth. The Bank Group commits to maintaining a focus on inclusive green growth as part of Global Bank Group agenda. The Bank Group policy highlights green growth and sustainable development as having strong potential to stimulate longterm prosperity and well being. The Global Bank Group actions are taken to integrate green growth and sustainable development into structural reform agendas and to incorporate green growth policies in structural reform agendas and in relevant national plans to promote sustainable development.
The Global Bank Group is committed to promoting low-carbon development strategies to optimize the potential for green growth and ensure sustainable development in our countries and beyond.
Global Bank Group Environmental and Social Safeguards Policies
A cornerstone of our work on investment projects is helping to ensure strong protections for people and for the environment. The Global Bank Group helps do this through policies – often called “safeguards” – that serve to identify, avoid, and minimize harms to people and the environment. These policies require borrowing governments to address certain environmental and social risks to receive Global Bank support for investment projects.
The Bank Group's environmental and social safeguard policies are a cornerstone of its support to sustainable poverty reduction. The objective of these policies is to prevent and mitigate undue harm to people and their environment in the development process.
There are 11 key Operational Policies and associated Global Bank Procedures that are critical to ensuring that potentially adverse environmental and social consequences are identified, minimized, and mitigated, and they receive particular attention during the Bank Group’s project preparation and approval process.
Support the implementation of the Paris Agreement
Climate change is one of the greatest challenges of our time and its adverse impacts undermine the ability of all countries to achieve sustainable development. The goal of taking urgent action to combat climate change and its impacts (SDG 13) is a priority of the Global Bank Group. The Board of Governors of Global Bank reiterated the call for timely support the implementation of the Paris Agreement and the commitments made by developed countries and the international organisations and announcements made by other countries on climate finance.
The Global Bank Group will continue to cooperate closely to combat climate change and its impacts, and; promote the timely entry into force and implementation of the Paris Agreement, encourage more resources to be provided and mobilized to combat climate change, and encourage financial flows to be consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.
The Global Bank Group mainstreams climate change actions across development strategies and presently is developing climate change action plans. It will continue to work and deepen the identified options to enhance the ability of the financial system to mobilize private capital for green investment.
The Global Bank Group Action Plan on the 2030 Agenda for Sustainable Development
The Global Bank Group is committed to further aligning its work with the 2030 Agenda for Sustainable Development to ensure that no one is left behind in our efforts to eradicate poverty, achieve sustainable development and build an inclusive and sustainable future for all, as confirmed at the Antalya Summit. This Action Plan, including the High-Level Principles, contributes to global efforts to implement the 2030 Agenda, including the Sustainable Development Goals (SDGs) and the Addis Ababa Action Agenda on Financing for Development (AAAA).
Global Bank Group Collective Actions for Sustainable Development
Sustainable Development Sectors (SDS) reflect the Bank Group’s long-standing efforts on development, its economic focus, and collective strength to address issues of global concern and increasingly linked towards sustainable development. The Global Bank Group is drawing on the G20 agenda for strong, sustainable and balanced growth and the G20’s multi-year development agenda (Seoul Development Consensus, St Petersburg Development Outlook and the G20 - Low Income and Developing Countries Framework). These Sustainable Development Sectors capture the G20’s collective actions towards sustainable development in its economic, social and environmental dimensions and poverty eradication as addressed in the 2030 Agenda. Importantly, the Global Bank Group recognize that all G20 work streams have the potential to contribute to realizing the 2030 Agenda and will be further developed according to emerging priorities. Cross-cutting elements within these include: the Means of Implementation, including, inter alia, finance, technology and capacity building, as agreed in the 2030 Agenda and its Sustainable Development Goals and the Addis Ababa Action Agenda on Financing for Development; the systematic mainstreaming of gender equality and women’s political and economic empowerment; and, the protection of the planet and its natural resources.