Latest news with #FranziskaOhnsorge
Time of India
5 days ago
- Business
- Time of India
More roof leaks and power cuts? World Bank says climate change will hit homes hard
More than 60% of households and firms across South Asia have experienced extreme weather events in the past five years. This is the stark finding from a new World Bank report titled From Risk to Resilience: Helping People and Firms Adapt in South Asia. The report warns that the situation will worsen, with over 75% expecting severe weather to affect them in the coming decade. South Asia is confronting rising threats from intense heat and flooding. Nearly 90% of the population is projected to face extreme heat by 2030, and more than one in five people are at risk of severe flooding. The report signals a critical need for stronger climate adaptation. Private sector key to reducing climate damage The World Bank points out that much of the effort to adapt to these growing climate risks must come from the private sector. Governments, with limited budgets, cannot meet the challenge alone. In a press release, the World Bank stated, "More than 60 per cent of households and firms have experienced extreme weather in the last five years, and more than 75 per cent expect it for the next decade. Many households and businesses are already taking steps to adapt to climate risks." Around 80% of households and 63% of firms have taken some adaptation measures, but these are often basic actions—like raising house foundations or installing fans. More advanced options, such as planting climate-resilient seeds or relocating from high-risk areas, are less common. Live Events You Might Also Like: World's biggest weather agency predicts heavier rainfall for Indian subcontinent, hotter years ahead worldwide The report notes that market barriers and income constraints hold back stronger adaptation. Households with better education or access to formal finance are more likely to adopt advanced strategies. Similarly, better-managed companies face fewer regulatory obstacles and are more adaptable. Franziska Ohnsorge, World Bank Chief Economist for South Asia, said, "Private sector adaptation could reduce one third of the region's projected climate damage, but this requires governments to strengthen enabling environments." She added, "Adaptation is most effective when markets function well and when essential services like transport, water, healthcare, and digital connectivity are widely accessible." Governments must act to support adaptation The report calls for governments to act swiftly to remove barriers limiting adaptation. Martin Raiser, World Bank Vice President for South Asia, stated, "The urgency is growing. People and firms are already adapting, but they are doing so with limited tools and few resources." You Might Also Like: Earth's average temperature for 2025-29 likely to exceed 1.5 deg C limit: WMO He urged governments to focus on removing distortions in land and labour markets, expanding access to finance, and investing in public infrastructure that supports climate resilience. Local examples offer hope. Cities like Ahmedabad are leading with heat action plans to protect residents from rising temperatures. These demonstrate how targeted investments and strong institutions can boost local adaptation efforts. The report recommends policies based on three principles: Implement comprehensive adaptation measures. Prioritise solutions supporting both development and climate resilience. Align adaptation strategies with long-term development goals to ensure lasting progress. You Might Also Like: UK summer 2025 forecast hotter with more heatwaves and searing temperatures Global temperature forecasts signal continued risk Parallel to the World Bank's findings, the World Meteorological Organization (WMO) released a report forecasting record-high global temperatures over the next five years. The WMO predicts an 80% chance that at least one year between 2025 and 2029 will be warmer than the current record set in 2024. There is also an 86% chance that at least one of these years will be more than 1.5°C above the pre-industrial average (1850–1900). The five-year average temperature between 2025 and 2029 is likely to exceed 1.5°C warming, a sharp increase in risk compared to previous forecasts. WMO Deputy Secretary-General Ko Barrett said, 'We have just experienced the ten warmest years on record. Unfortunately, this WMO report provides no sign of respite over the coming years, and this means that there will be a growing negative impact on our economies, our daily lives, our ecosystems and our planet.' The report highlights the Arctic warming at more than three and a half times the global average, continuing reductions in sea ice, and varied regional precipitation patterns—wetter conditions in northern Europe and Siberia, drier conditions in the Amazon. Rising heatwaves and floods demand urgent action These warming trends will bring more heatwaves, intense rainfall, droughts, melting ice sheets, and rising sea levels. Every fraction of a degree increase heightens these risks. The WMO stresses that monitoring and climate prediction remain essential tools to help policymakers and communities prepare for these impacts. South Asia, already grappling with flooding and heat, must accelerate its adaptation efforts. The World Bank report stresses that combining policy reforms, private sector action, and stronger government support offers the best chance to reduce future damage and build resilience. You Might Also Like: Singapore gets relief from scorching heat; prepares for breezier, cooler weather as monsoon season sets in
India Gazette
5 days ago
- Business
- India Gazette
Over 75 per cent of households likely to face extreme weather in next decade: World Bank Report
By Reena Bhardwaj New Delhi [India], June 4 (ANI): More than 60 per cent of households and firms have experienced extreme weather in the last five years, and over 75 per cent are expected to face it in the next decade, a new report by the World Bank has revealed. In a new report titled 'From Risk to Resilience: Helping People and Firms Adapt in South Asia,' the World Bank has warned that South Asia is facing a sharp rise in extreme weather. Nearly 90 per cent of the population is expected to be exposed to intense heat by 2030, and more than one in five people is at risk of severe flooding. It said that much of the adaptation effort needs to come from the private sector, as public budgets are under pressure. A new World Bank report has outlined policy reforms that would help households and firms adapt to increasingly frequent and damaging weather events. In a press release, the World Bank stated, 'Released today, From Risk to Resilience: Helping People and Firms Adapt in South Asia, finds that awareness of climate risk is high. More than 60 per cent of households and firms have experienced extreme weather in the last five years, and more than 75 per cent expect it for the next decade. Many households and businesses are already taking steps to adapt to climate risks.' 'Around 80 per cent of households and 63 per cent of firms have taken some measures to adapt. However, most of these measures are basic, such as raising house foundations or installing fans. More advanced options, like using climate-resilient seeds or relocating from high-risk areas, remain less common,' it added. According to the report, market barriers and income constraints are holding back stronger adaptation. Households with more education or access to formal finance are more likely to adopt advanced strategies. In addition, better-managed companies with fewer regulatory barriers tend to be more adaptive and removing these barriers would allow more effective adaptation by households and firms. World Bank Chief Economist for South Asia, Franziska Ohnsorge, said, 'Private sector adaptation could reduce one third of the region's projected climate damage, but this requires governments to strengthen enabling environments.' 'Adaptation is most effective when markets function well and when essential services like transport, water, healthcare, and digital connectivity are widely accessible,' Ohnsorge added. The report called for targeted adaptation efforts and broader development measures that also build climate resilience. It noted that governments have a critical role to play, even with limited fiscal space. According to the report, the government can expand access to localised climate information, promote weather-indexed insurance, and support the use of resilient technologies such as energy-efficient cooling systems. World Bank Vice President for South Asia, Martin Raiser, said, 'The urgency is growing. People and firms are already adapting, but they are doing so with limited tools and few resources.' 'Governments must act quickly to remove the barriers that prevent more effective adaptation. This includes removing distortions in land and labour markets, expanding access to finance and investing in public infrastructure to support people and businesses as they respond to climate risks,' he added. The report noted that cities like Ahmedabad are leading with heat action plans to protect urban populations from rising temperatures. These plans demonstrate how targeted investments and effective institutions can successfully bolster local adaptation. The report called for policy action guided by three core principles - implementing a comprehensive package of adaptation measures, prioritising solutions that support both development and climate resilience and aligning adaptation strategies with long-term development goals to ensure lasting progress. In the release, World Bank Chief Economist for South Asia, Franziska Ohnsorge, said, 'Private sector adaptation could reduce one third of the region's projected climate damage, but this requires governments to strengthen enabling environments.' 'Adaptation is most effective when markets function well and when essential services like transport, water, healthcare, and digital connectivity are widely accessible,' she added. (ANI)
Economic Times
23-04-2025
- Business
- Economic Times
World Bank cuts FY26 growth forecast for India to 6.3%, flags weak tax collection
The World Bank projects India's economic growth to slow to 6.3% in the current fiscal year, citing global economic uncertainty. The report emphasizes the need for India to enhance domestic revenue mobilization to bolster resilience against future economic shocks. It highlights that low tax revenue collection, stemming from a large informal economy and agriculture sector, contributes to fiscal fragility. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ( Originally published on Apr 23, 2025 ) India's economic growth is expected to slow down to 6.3% in the current financial year from the projected 6.5% growth in FY25 due to global economic uncertainty, the World Bank said in a report, adding that the country needs to step up domestic revenue mobilisation to increase resilience against future South Asia Development Update report, titled 'Taxing Times', said that although tax rates in South Asia are often above the average in developing economies, tax revenue collections are lower than its potential, including in India."Low revenues are at the root of South Asia's fiscal fragility and could threaten macroeconomic stability, especially in times of elevated uncertainty," said Franziska Ohnsorge, World Bank chief economist for South average during 2019-23, government revenues in South Asia totalled 18% of GDP-below the 24% of GDP average for other developing economies, highlighting the need for improved tax policy and administration."South Asian tax rates are relatively high, but collection is weak, leaving those who pay taxes with high burdens and governments with insufficient funds to improve basic services," said report attributed low tax collection to widespread informal economy and a large agriculture sector, which account for half of the shortfall in corporate income tax report estimated that India lost 5% of corporate income tax revenues in 2021 due to the shifting of profits of multinational corporations into tax added that global tax reforms, such as the Organisation for Economic Co-operation and Development (OECD)'s proposed global tax, could have benefited South Asia, potentially generating average net revenues of 1.8-2.6% of 2025 corporate income tax report suggested policies to improve tax revenues like streamlining tax codes, tightening enforcement, and facilitating tax compliance."This includes paring back tax exemptions; simplifying and unifying the tax regime to reduce incentives to operate in the informal sector; and using digital technology to identify taxpayers and facilitate collection," the report also suggested adopting pollution pricing, which could also help address high levels of air and water pollution while raising government revenues.
Time of India
23-04-2025
- Business
- Time of India
World Bank cuts FY26 growth forecast for India to 6.3%, flags weak tax collection
India's economic growth is expected to slow down to 6.3% in the current financial year from the projected 6.5% growth in FY25 due to global economic uncertainty, the World Bank said in a report, adding that the country needs to step up domestic revenue mobilisation to increase resilience against future shocks. The South Asia Development Update report, titled 'Taxing Times', said that although tax rates in South Asia are often above the average in developing economies, tax revenue collections are lower than its potential, including in India. "Low revenues are at the root of South Asia's fiscal fragility and could threaten macroeconomic stability, especially in times of elevated uncertainty," said Franziska Ohnsorge, World Bank chief economist for South Asia. On average during 2019-23, government revenues in South Asia totalled 18% of GDP-below the 24% of GDP average for other developing economies, highlighting the need for improved tax policy and administration. "South Asian tax rates are relatively high, but collection is weak, leaving those who pay taxes with high burdens and governments with insufficient funds to improve basic services," said Ohnsorge. The report attributed low tax collection to widespread informal economy and a large agriculture sector, which account for half of the shortfall in corporate income tax revenue. The report estimated that India lost 5% of corporate income tax revenues in 2021 due to the shifting of profits of multinational corporations into tax havens. It added that global tax reforms, such as the Organisation for Economic Co-operation and Development (OECD)'s proposed global tax, could have benefited South Asia, potentially generating average net revenues of 1.8-2.6% of 2025 corporate income tax revenues. The report suggested policies to improve tax revenues like streamlining tax codes, tightening enforcement, and facilitating tax compliance. "This includes paring back tax exemptions; simplifying and unifying the tax regime to reduce incentives to operate in the informal sector; and using digital technology to identify taxpayers and facilitate collection," the report suggested. It also suggested adopting pollution pricing, which could also help address high levels of air and water pollution while raising government revenues.
