The World Bank Group News

The Panama Canal announced that Deputy Administrator Ilya Espino de Marotta will now also serve as the Canal’s first Chief Sustainability Officer (CSO).As CSO, Espino de Marotta will spearhead the development of a comprehensive sustainability strategy focused on decarbonization, adaptation, and transition. Working with the International Finance Corporation (IFC), part of the World Bank Group, the Canal is already in the process of finalizing an inventory of its greenhouse gas (GHG) emissions and aims to complete a climate risk assessment by the end of the year.

China's global Belt and Road Initiative (BRI) could boost economies and reduce poverty rates in dozens of developing countries, but it must be accompanied by increased transparency, said World Bank.A new World Bank Group study on the BRI transportation corridors said that improvement in risks environmental damage, debt and corruption should be made.BRI is an ambitious programme to connect Asia with Africa and Europe via land and maritime networks along six corridors with the aim of improving regional integration, increasing trade and stimulating economic growth.President Xi Jinping's signature foreign policy aims to reinvent the ancient Silk Road to connect Asia to Europe and Africa through massive investments in maritime…

The World Bank Group announced a new program to advance the adoption of offshore wind energy in developing countries and emerging markets.The World Bank and  International Finance Corporation (IFC) will help these markets evaluate their offshore wind potential and provide technical assistance to develop a growing pipeline of projects that are ready for investment by renewable energy developers, said a release from the  international financial institution.The offshore wind industry has grown nearly five-fold since 2011, with 23 gigawatts installed at the end of 2018 and a large volume of planned projects in Europe, China and the United States.

Vitol said that the Offshore Cape Three Points (OCTP) integrated oil and gas project offshore Ghana has commenced delivery of gas from the Sankofa field to Ghana National Petroleum Corporation (GNPC).Both Vitol and GNPC are partners in the OCTP project alongside operator Eni. The offshore project is expected to provide stable supplies of cost effective and environmentally friendly, domestic fuel for the Ghanaian power sector, said Vitol.The estimated net cost of gas to Ghana will be less than $4.5/MMBtu, greatly reducing Ghana’s fuel costs compared to liquid fuels or imported gas.The project will provide approximately 180 MMscf/d for at least 15 years, sufficient to supply half of Ghana’s power generation requirements.

IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) are co-developing the Moheshkhali Floating LNG project – Bangladesh's first liquefied natural gas (LNG) import terminal. The project will be located offshore Moheshkhali island in the Bay of Bengal with a project cost of $179.5 million. IFC and Excelerate announced securing the debt financing for the project to help expand access to clean energy in Bangladesh. Bangladesh's first LNG import terminal will enable Petrobangla, the state-owned energy company, to increase natural gas supply in the country by up to 20 percent, sufficient to support up to 3,000 MW of power generation capacity.

Ghana President John Dramani Mahama has launched the start of major expansion works at the Tema Port, near Accra, according to local reports. This ambitious project involves an upgrade and significant expansion of Ghana’s main seaport. The project is a Public Private Partnership between the Ghana Ports and Harbours Authority (GPHA), representing the Ghana Government and Meridian Ports Services (MPS). The Port Of Tema Is the largest port in Ghana. Situated on the eastern coast of the country it stretches over a 3.9 million square metres of land area. The port receives an average of over 1650 vessel calls per year. These comprise container vessels, general cargo vessels, tankers, Ro-Ro and cruise vessels amongst many others.

The World Bank Group and the World Trade Organization (WTO) have agreed to enhance their co-operation in assisting developing and least-developed countries to better utilize trade facilitation programs which can help countries reduce trade costs and more fully engage in the global economy. Trade facilitation aims to reduce barriers developing countries now face moving goods quickly and cost effectively by increasing port efficiency, improving customs and regulatory environments, and upgrading infrastructure to increase trade exports. “Trade is a critical component to ending poverty and boosting shared prosperity and we are pleased to work with our partners at the WTO and other organizations to pursue these goals together,” said World Bank Group President Jim Yong Kim.

At the UN's Climate Summit this week a diverse group of global leaders, from World Bank president Jim Yong Kim to California Governor Jerry Brown, spoke of the need for polluters to pay for each ton of carbon they emit. More than 1,000 companies pledged their support for the effort. Carbon pricing, largely rejected by the United States and struggling in Europe, is suddenly all the rage, with China leading the charge. The world's biggest greenhouse gas emitter plans to establish a national market for carbon permit trading in 2016 and has already launched seven regional pilot markets. Boosters of carbon pricing policies say that once China sets a national price on carbon, others will follow.

DNV GL joins global push to put a price on carbon. Over 1,000 companies and 73 countries now support a price on carbon to start bringing down emissions. Speaking on the sidelines at the UN Climate Summit in New York, DNV GL Group Sustainability Officer Bjørn K. Haugland said the high-profile drive led by the World Bank Group calls on governments and business leaders to support a price on carbon. Seventy-three countries and 22 states, provinces and cities – which responsible for 54% of global greenhouse gas emissions and 52% of GDP – joined over 1000 businesses and investors in signaling their support for carbon pricing through a series of initiatives being announced at the  United Nations Secretary-General’s Climate Summit.

Tanzania signed a $565 million deal on Friday with the World Bank and other development partners to expand its main port of Dar es Salaam, part of plans to boost the east African nation's role as a regional trade hub. Tanzania wants to lift capacity to 28 million tonnes a year by 2020 from the 14.6 million tonnes it handled in the financial year 2013/14. The World Bank said in May that inefficiencies at the port cost Tanzania and neighbours up to $2.6 billion a year. The port, whose main rival is the bigger but also congested port of Mombasa in Kenya, acts as a trade gateway for landlocked states such as Zambia, Rwanda, Malawi, Burundi and Uganda, as well as the eastern region of Democratic Republic of the Congo.

Pacific Infrastructure, a subsidiary of Canadian oil company Pacific Rubiales, is developing the multipurpose terminal Puerto Bahia in the South of Cartagena Bay on Colombia’s Caribbean coast. In September 2012 Pacific Infrastructure awarded the construction of the multipurpose terminal to a consortium formed by Isolux Corsán (Spain), Tradeco (Mexico) and Tampa Tanks (U.S.). The construction of Puerto Bahía is scheduled to be completed during the first half of 2015. The total…

Jamaica’s plans to become one of the world’s top four logistics centres has received a major boost after the World Bank committed to providing technical and other assistance for specific aspects of the proposed Global Logistics Hub initiative. The World Bank Group, through its representative to Jamaica, Giorgio Valentini, has endorsed the Government of Jamaica’s plans for the logistics hub initiative, describing it as ‘transformational’ when implemented which will significantly enhance Jamaica’s potential for growth. A 16 person delegation from the World Bank Group visited Jamaica last month for consultations on Jamaica’s Country Partnership Strategy which will feature the Logistics Hub Initiative.

The International Finance Corporation (IFC) – part of the World Bank Group that provides development loans to poor nations - is poised to support the ferry industry for the first time after asking trade association Interferry to help identify deserving countries and operators. The initiative will be explained at Interferry’s 37th annual conference in Dubai from October 21-24, which will also feature dramatic insights from power solutions giant Wärtsilä on how a fast-changing world could impact on shipping by the year 2030. IFC interest in the ferry sector was prompted by the ongoing IMO/Interferry joint programme to improve ferry safety in developing nations.

On December 9, Panamanian President Martín Torrijos and Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta signed a $2.3b agreement with leaders from five multilateral and development agencies to finance the waterway’s most historic project to date: expansion. In an official ceremony held at Panama’s Ascanio Arosemena Auditorium, Mr. Alemán Zubieta and top executives from the five agencies signed the agreement to officiate the financing package, which will cover a portion of the $5.25b Canal Expansion Program.

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