Climate change a challenge to global economy-WB

Kenya Broadcasting Corporation , Saturday, April 17, 2010
Correspondent : Written By:Judith Akolo ,
Caption: World Bank Group President Robert Zoellick called for new approaches on interests of developing countries

The World Bank is warning that climate change is posing a serious challenge to global economic sustainability.

World Bank Group President Robert Zoellick Thursday warned that the "one-size fits all approach" imposed by the developed world will not work for developing countries.

"Climate change policy can be linked to development and win support from developing countries for low carbon growth - but not if it is imposed as a strait-jacket," he said.

Zoellick said developing countries were in need of support and finance to invest in cleaner growth paths and yet over 1.6 billion people lack access to electricity.

"While we must take care of the environment, we cannot consign African children to doing their homework by candlelight or deny African workers manufacturing jobs. The challenge is to support transitions to cleaner energy without sacrificing access, productivity, and growth that can pull hundreds of millions out of poverty," said Zoellick.

The World Bank President at the same time called for an end to the usage of such concepts as "Third World" noting that such concepts no longer apply in the new multi-polar global economy.

Zoellick called for new approaches that take into account the interests of developing countries. In a speech at the Spring Meetings of the World Bank, Zoellick urged for new thinking owing to the resilience of development countries in the face of the devastating effects of the global economic crisis of 2009.

"For decades, students of security and international politics have debated the emergence of a multipolar system. It's time we recognize the new economic parallel. If 1989 saw the end of the "Second World" with Communism's demise, then 2009 saw the end of what was known as the "Third World": We are now in a new, fast-evolving multipolar world economy," Zoellick said.

"We cannot afford geo-politics as usual," he added.

He called for serious thinking on how to deal with high poverty levels in some regions of the world. Zoellick said that while poverty and fragile states remained as challenges to overcome, developing countries were growing to represent an ever increasing share of the global economy and providing an important source of demand for the recovery from the recent global economic crisis.

The World Bank President noted that developing countries therefore deserved greater recognition in the management of the global system.

"The proposed solutions in financial regulation, climate change and crisis management must reflect the interests of the developing countries," said Zoellick.

The World Bank President said costs of financial capabilities should not encourage financial protectionism or unfairly constraining financial services to the poor.

 
SOURCE : http://www.kbc.co.ke/story.asp?ID=63348
 


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