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Climate and Development : An Agenda for Action - Emerging Insights from World Bank Group 2021-22 Country Climate and Development Reports

Climate change poses a major threat to long-term development objectives, especially poverty reduction, and accelerated emission reductions are needed, particularly in high-income and other high-emitting countries. Reducing emissions can be done without comprising development: taken together, CCDR low-carbon development strategies reduce emissions by 70%, without significant impact on growth, provided that policies are well designed and financing is available. Financing needs average 1.4 percent of GDP, a manageable amount with appropriate private sector involvement. But in lower-income countries, financing needs can exceed 5 percent, which will require more support from high-income countries, including increased concessional resources.

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