The 27th UN Climate Conference (COP27) comes at a time like no other. Amid multiple crises such as the war in Ukraine, the Covid-19 pandemic, surging inflation, worsening poverty and reversals in development, global climate action is stalling, with dangerous consequences for people’s lives and jobs.

In this moment of crisis, we must not forget to support the poorest and most vulnerable, who are hit hardest. Climate change is a global concern, but it has a large and disproportionate impact on poor and vulnerable countries, threatening their long-term development prospects. These countries are also least able to invest in adapting and building resilience, which can perpetuate and deepen cycles of poverty, fragility, and vulnerability.

In the Sahel region of Africa, for example, already struggling with more extreme droughts, floods, heatwaves, declines in rainfed crops and livestock yields, increased heat stress, and other impacts are expected to reduce productivity, causing significant economic losses. If no action is taken to transform their economies, the poverty rate in the Sahel G5 countries of Burkina Faso, Chad, Mali, Mauritania, and Niger may increase from 27 to 34 per cent by 2050, with an additional 13.5 million people falling into poverty.

The best strategy to tackle this challenge is to integrate climate goals into development planning, as part of overall efforts to get back on track to reduce poverty and promote shared prosperity.

People in developing countries are rising to the challenge. In Zambia, for example, Panuka Farms, a small horticulture business, was able to modernise its cold storage and switch from open-field farming to greenhouse cultivation with support from the World Bank. This allowed the farm to reduce food losses and climate-proof production, increasing the food supply in a changing climate while creating new jobs.

In Tanzania, where extreme climate events frequently result in economic losses that exceed one per cent of GDP, citizen scientists in Dar es-Salaam used drones to help improve the accuracy of soil maps supported by the UK and the World Bank. This helps to inform urban planning, as settlements became increasingly vulnerable to floods, cyclones and earthquakes.

It is true that low-income countries have contributed least to global warming. The developed countries must be the first to accelerate action given their greater responsibility for historical emissions and the availability of larger resources. But low- and middle-income countries can also benefit from low-carbon development policies and investments, to avoid locking themselves into carbon-intensive urban growth patterns or energy systems that will constrain their future economic prospects.

According to the World Bank’s latest analysis, climate objectives can be achieved without compromising development. Estimates show that for the 24 developing countries covered in the first batch of the Bank’s Country Climate and Development Reports, countries could cut emissions by 70 per cent by 2050 and boost resilience with annual investments of 1.4 per cent of GDP on average through 2030, a manageable amount with appropriate private-sector involvement.

Financing needs can exceed five per cent in lower-income countries, which have more limited access to financing and greater development needs.

Scaling up financing requires all of us to do more. Countries need to improve the efficiency and effectiveness of public spending, repurpose scarce public resources such as energy subsidies, prioritise capital market development, and mobilise private capital. Increased financial support from the international community will be essential.

Low-income countries in particular will need access to sustained levels of concessional resources. Success will also require countries to take on challenging policy reforms with complementary measures to protect poor people and facilitate a just transition.

The World Bank Group is supporting the developing countries with analytical work and is collaborating with partners and innovating to mobilise climate finance. For example, the SCALE partnership, to be launched at the COP27 Conference, will pool funding from the global community – including donor countries, the private sector, and foundations – to support the most impactful programmes that reduce greenhouse-gas emissions. The initial funding target is $1 billion by the end of 2023.

This year’s COP, hosted in Sharm El-Sheikh, puts a welcome focus on Africa, implementation, and financing at scale. We must not lose the momentum to ramp up our support to meet the aspirations of the people to build a green, resilient, and inclusive future.

*The writer is managing director for development policy and partnerships at the World Bank.

*A version of this article appears in print in the 10 November, 2022 edition of Al-Ahram Weekly.