On Tuesday the World Bank Released the World Development Report 2010: Development and Climate Change. The topic is particularly timely as the UN member states will be gathering in Copenhagen in December to attempt to construct a new global climate agreement, which will serve as the successor to the Kyoto Protocol which was adopted in 1997.

While substantial progress has been made in combating poverty and promoting development, there is a long way to go, and climate change makes development even more complicated. As the report outlines, the impacts of climate change, which are already being felt, will hit the developing world hardest, pushing more people into poverty and undoing years of successful poverty eradication. These impacts must be addressed. In addition, further investments in energy, transport, urban systems, and agricultural production are needed to ensure ongoing development and these investments will need to be ‘climate proofed’.

The report emphasizes that countries need to act now, act together, and act differently not just to address the impacts of climate change, but to continue to prioritize development without furthering the climate crisis. Developed countries can and must reduce their carbon footprint, and stop using more than their fair share of the ‘atmospheric commons’, says the report. It also notes that developing countries can shift to lower-carbon activities without endangering development or exacerbating poverty. However, more financial and technical assistance—both public and private—is needed from developed countries. The report cautions that only with swift, collaborative action can we create a “climate-smart” world, at a cost that will be high, but reasonable.

With regards to mitigation, the report notes that one key way to address climate change is to scale-up mitigation projects (new technologies, reforestation and forest protection, etc.) in the developing world, so that development can continue to take place in a climate-friendly way. The report finds that existing, low-carbon technologies and best-practices could reduce energy consumption and save money, while development takes place. In terms of adaptation, the report emphasizes that countries in the developing world will bear the brunt of the costs of climate change, and developing countries, particularly those most exposed, will need assistance in adapting to climate change. Climate finance must be expanded, it says, since current levels fall far short of estimated needs. According to the World Bank, Research and Development investments of $100-$700 billion annually will be needed, while only $13 billion of public funds and $40-$60 billion of private funds are currently invested.

Everyone knows climate is hot right now. What you might not know is that we’ll be following the lead-up to Copenhagen here on the blog, so be sure to check back.

-Beth Adler