Summary Global Program on Sustainability Annual Report FY22 thedocs.worldbank.org
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One Line
The Global Program on Sustainability has made significant contributions to incorporating natural capital, providing analysis, engaging countries, and influencing sustainable finance and global policy.
Slides
Slide Presentation (15 slides)
Key Points
- The Global Program on Sustainability (GPS) and the Wealth Accounting and the Valuation of Ecosystem Services (WAVES) Plus program have made significant progress in achieving their objectives, with GPS achieving an average progress rate of 61% and WAVES Plus achieving 98% by the end of FY22
- GPS has delivered important analytical work to support the development of the Kunming-Montreal Global Biodiversity Framework and the latest edition of the Changing Wealth of Nations (CWON 2021) report
- The combined WAVES Plus and GPS programs have engaged with 28 countries, delivering 23 products on natural capital data and analysis, informing 21 policy processes, and supporting the design or implementation of 25 projects worth $3.5 billion
- GPS has contributed to advancing the issuance of sovereign sustainability-linked bonds, integrating sustainability criteria into sovereign bond markets, and supporting the integration of nature-related risks into financial decision-making
- The programs have established a Sovereign ESG Data Portal that has helped increase the share of investors considering nature in their sovereign bond investments from 20% to 55%
- The programs have supported 16 core implementing countries and 20 targeted technical assistance engagements, and have established 1 regional community of practice and held 6 global knowledge events
- The programs have delivered new or improved datasets on natural capital, established a global data and knowledge platform, and produced technical reports on the economics of sustainability
Summaries
21 word summary
The Global Program on Sustainability has integrated natural capital, delivered analysis, engaged countries, and contributed to sustainable finance and global policy.
52 word summary
The Global Program on Sustainability has made progress in integrating natural capital into decision-making. It has delivered analytical work, provided wealth data, engaged 28 countries, and contributed to sustainable finance. The program is supporting new countries and informing global policy processes, generating evidence and tools to help countries manage their natural capital.
122 word summary
The Global Program on Sustainability (GPS) has made substantial progress in supporting countries to integrate natural capital and ecosystem services into decision-making. Under the global data pillar, GPS has delivered analytical work to inform the Kunming-Montreal Global Biodiversity Framework and provided comprehensive wealth data for 146 countries. In country support, the combined WAVES Plus and GPS programs have engaged 28 countries, informing 21 policy processes and supporting $3.5 billion in projects. Under sustainable finance, GPS has contributed to sovereign sustainability-linked bonds and nature-related risk integration. Looking ahead, GPS is supporting 6 new countries and informing global policy processes like the new Biodiversity Framework. Overall, the programs have generated evidence, tools, and capacity to help countries measure, value, and manage their natural capital.
369 word summary
The Global Program on Sustainability (GPS) and its predecessor, the Wealth Accounting and the Valuation of Ecosystem Services (WAVES) Plus program, have made substantial progress in supporting countries to measure, value, and integrate natural capital and ecosystem services into decision-making.
Under the global data and information pillar, GPS has delivered analytical work to inform the development of the Kunming-Montreal Global Biodiversity Framework, including reports on mobilizing private finance for nature and the economic case for nature. The latest edition of the Changing Wealth of Nations report provides comprehensive data on wealth across natural, human, and produced capital for 146 countries. GPS has also integrated nature into the World Bank's Country Climate and Development Reports and provided training on ecosystem services modeling and valuation.
In terms of country and regional support, the combined WAVES Plus and GPS programs have engaged with 28 countries, delivering 23 products on natural capital data and analysis. This has informed 21 policy processes and supported the design or implementation of 25 projects worth $3.5 billion. The WAVES Plus program has completed its work in the Core Implementing Countries, while GPS has initiated support in six new countries.
Under the sustainable finance pillar, the program has contributed to advancing the issuance of sovereign sustainability-linked bonds, integrating sustainability criteria into sovereign bond markets, and supporting the integration of nature-related risks into financial decision-making. The GPS program has been particularly effective, with its results informing 10 World Bank projects worth over $2 billion in 8 countries, and an additional 10 projects worth $1.4 billion currently in the works.
Looking ahead, the GPS program is supporting 6 new Core Implementing Countries, with scoping work completed for 4 of these. The program's work is also informing global policy processes, such as the development of the new Global Biodiversity Framework. The report highlights the progress made in Zambia and Lao PDR, where GPS is building on earlier WAVES Plus support to mainstream natural capital accounting into national accounting and policy processes.
Overall, the GPS and WAVES Plus programs have made significant contributions to promoting sustainable development through natural capital accounting and the economics of sustainability, generating evidence, tools, and capacity to support countries in measuring, valuing, and managing their natural capital.
450 word summary
The Global Program on Sustainability (GPS) and its predecessor, the Wealth Accounting and the Valuation of Ecosystem Services (WAVES) Plus program, have made significant progress in supporting countries to measure, value, and integrate natural capital and ecosystem services into decision-making.
Under the global data and information pillar, GPS has delivered analytical work to inform the development of the Kunming-Montreal Global Biodiversity Framework, including reports on mobilizing private finance for nature and the economic case for nature. The latest edition of the Changing Wealth of Nations report provides comprehensive data on wealth across natural, human, and produced capital for 146 countries. GPS has also integrated nature into the World Bank's Country Climate and Development Reports and provided training on ecosystem services modeling and valuation.
In terms of country and regional support, the combined WAVES Plus and GPS programs have engaged with 28 countries, delivering 23 products on natural capital data and analysis. This has informed 21 policy processes and supported the design or implementation of 25 projects worth $3.5 billion. The WAVES Plus program has completed its work in the Core Implementing Countries, while GPS has initiated support in six new countries.
Under the sustainable finance pillar, the program has contributed to advancing the issuance of sovereign sustainability-linked bonds, integrating sustainability criteria into sovereign bond markets, and supporting the integration of nature-related risks into financial decision-making. The team has also been active in sharing findings through presentations, publications, and engagement with key stakeholders.
The GPS program has been particularly effective, with its results informing 10 World Bank projects worth over $2 billion in 8 countries, and an additional 10 projects worth $1.4 billion currently in the works. The program's work is also informing global policy processes, such as the development of the new Global Biodiversity Framework.
Looking ahead, the GPS program is supporting 6 new Core Implementing Countries - Ethiopia, Ghana, Nepal, Nigeria, Tunisia, and Turkiye. Scoping work has been completed for 4 of these, and is expected to inform 10 World Bank projects worth over $1 billion and 13 policy/engagement documents.
The report also highlights the progress made in Zambia and Lao PDR, where GPS is building on earlier WAVES Plus support to mainstream natural capital accounting into national accounting and policy processes. The Africa Regional Community of Practice on Natural Capital Accounting has continued to strengthen capacity and facilitate knowledge sharing.
Overall, the GPS and WAVES Plus programs have made significant contributions to promoting sustainable development through natural capital accounting and the economics of sustainability. The programs have generated evidence, tools, and capacity to support countries in measuring, valuing, and managing their natural capital, with the ultimate goal of informing policy and investment decisions for a more sustainable future.
2030 word summary
The Global Program on Sustainability (GPS) and the Wealth Accounting and the Valuation of Ecosystem Services (WAVES) Plus program have made significant progress in achieving their objectives during Fiscal Year 2022 (FY22).
Under Pillar 1 on global data and information, GPS has delivered important analytical work to support the development of the Kunming-Montreal Global Biodiversity Framework, including reports on mobilizing private finance for nature, the economic case for nature, and an approach paper on biodiversity and ecosystem services. The latest edition of the Changing Wealth of Nations (CWON 2021) report provides comprehensive data on wealth across natural, human, and produced capital for 146 countries. GPS has also made progress on integrating nature into the World Bank's Country Climate and Development Reports and delivering training on ecosystem services modeling and valuation.
Under Pillar 2 on country and regional support, the combined WAVES Plus and GPS programs have engaged with 28 countries, delivering 23 products on natural capital data and analysis, informing 21 policy processes, and supporting the design or implementation of 25 projects worth $3.5 billion. The WAVES Plus program has completed its work in the Core Implementing Countries, while GPS has initiated support in six new Core Implementing Countries. The Africa Regional Community of Practice on Natural Capital Accounting has continued to strengthen capacity and facilitate knowledge sharing.
Under Pillar 3 on sustainable finance, the program has contributed to advancing the issuance of sovereign sustainability-linked bonds, integrating sustainability criteria into sovereign bond markets, and supporting the integration of nature-related risks into financial decision-making. The team has also been active in sharing findings through presentations, publications, and engagement with key stakeholders.
Cross-cutting work has focused on knowledge management, communications, learning, and monitoring and evaluation. The annual Global Policy Forum on Natural Capital was resumed, and a new GPS Seminar Series was launched to share the latest knowledge on integrating environmental sustainability into decision-making.
Overall, the combined WAVES Plus and GPS programs have achieved an average progress rate of 98% and 61%, respectively, demonstrating their significant contributions to promoting sustainable development through natural capital accounting and the economics of sustainability.
The Global Program on Sustainability (GPS) is focused on providing data, analysis, and tools to measure and mainstream environmental sustainability. Key highlights from the annual report include:
Measuring Sustainability: GPS produced several influential reports on the economic case for investing in nature, including "The Economic Case for Nature" which found that a collapse of ecosystem services could result in $2.7 trillion in global GDP losses by 2030. These reports have informed the development of the new Global Biodiversity Framework under the Convention on Biodiversity.
The Changing Wealth of Nations: The latest edition of this flagship report provided the most comprehensive database on wealth across natural, human, and produced capital for 146 countries. It is recognized as a candidate for a core composite wealth indicator to complement GDP. Ongoing work aims to further improve the measurement of renewable natural capital.
Environmental Fiscal Reforms: GPS supported the development of analytical tools to assess the impacts of fiscal policies on natural resource management, air pollution, and plastic pollution. This work has informed policy dialogues and operations in several countries.
Integrating Nature into Macroeconomic Models: GPS is working to enhance the World Bank's core macroeconomic models to better reflect the role of natural capital and ecosystem services, in order to assess the economic consequences of nature degradation and evaluate policies for sustainable, climate-resilient development.
Country and Regional Support: By the end of FY22, GPS was engaged in 28 countries through 40 grants, with a focus on low and lower-middle income countries in Sub-Saharan Africa and East Asia. This support aims to strengthen natural capital accounting, integrate nature into development planning, and build capacity for landscape-scale approaches and ecosystem service modeling.
Overall, the GPS program is playing a critical role in generating evidence, tools, and capacity to support countries in measuring, valuing, and managing their natural capital as part of a sustainable development agenda. The program's work is informing global policy processes as well as country-level engagements across the World Bank's operations.
The Global Program on Sustainability (GPS) and its predecessor WAVES Plus have made significant progress in supporting countries to measure and value natural capital and ecosystem services, and use this information to inform policy and investment decisions.
Over the past year, 23 products on natural capital data and analysis have been delivered across 16 countries. This has led to 11 countries using the data and analysis to inform policy processes, and 14 countries using it to inform 20 projects worth $2.7 billion. The GPS program has been particularly effective, with its results informing 10 World Bank projects worth over $2 billion in 8 countries, and an additional 10 projects worth $1.4 billion currently in the works.
The report highlights the progress made through two key delivery mechanisms - Core Implementing Countries (CICs) and Targeted Technical Assistance (TTA). Under the CIC window, 8 countries have received in-depth support over 2-3 years to acquire, maintain and use natural capital data. This has led to the development of accounts for sectors like agriculture, fisheries, forests, and air emissions, which are now informing policy processes and investment projects in these countries.
Looking ahead, the GPS program is supporting 6 new CICs - Ethiopia, Ghana, Nepal, Nigeria, Tunisia, and Turkiye. Scoping work has been completed for 4 of these, and is expected to inform 10 World Bank projects worth over $1 billion and 13 policy/engagement documents. Partnerships have also been forged with the UN Statistical Division to strengthen countries' capacity to generate natural capital accounts.
The report showcases the growing impact of the GPS and WAVES Plus programs in using natural capital data to drive more sustainable development. By embedding this information into policy, planning and investment decisions, the programs are helping countries transition towards greener, more resilient and inclusive growth pathways.
The Global Program on Sustainability (GPS) aims to generate knowledge and inform policy dialogues on green growth through strengthening capacities for the use of natural capital data in investments and policies, and to support the transition to a circular economy in Türkiye.
Key objectives of the GPS support include: - Compiling publicly accessible data and/or analysis of natural capital and ecosystem services, such as water, energy, air emissions, and environmental subsidies. - Using this data and analysis to inform the design, implementation, and evaluation of programs and projects, including piloting ecosystem accounting in the Bolaman river basin and demonstrating how natural capital accounts can be used to monitor green growth and circular economy policies. - Using the data and analysis to inform policy processes, such as Türkiye's National Circular Economy Strategy and Green Deal Action Plan.
Progress made in FY22 includes completing initial consultations with country counterparts and finalizing the scope of work across six work packages. Key activities planned for FY23 include: - Strengthening capacities for natural capital accounting (NCA) data and use, including for energy, water, and air emissions. - Piloting ecosystem accounts at the project and national level. - Conducting policy diagnostics and analysis for the circular economy transition. - Assessing regulatory and fiscal policy reform options for plastics. - Strengthening the Turkish Environmental Label System.
The GPS program also supports Targeted Technical Assistance (TTA) grants, which provide "just-in-time" support for specific investment or policy questions that can be answered through work on natural capital or ecosystem services. By the end of FY22, there were 17 TTA grants in 16 countries, including work to improve data and analysis, inform investment projects, and inform national policies.
The report highlights the progress made in Zambia and Lao PDR, where GPS is building on earlier WAVES Plus support to mainstream natural capital accounting into national accounting and policy processes. The report also discusses the Africa Community of Practice on Natural Capital Accounting, which was established in 2019 to build capacity and momentum to integrate NCA into policy and statistical production in Africa.
Overall, the GPS program is making significant progress in enhancing the availability of reliable data on natural capital, providing technical support through economic analysis to facilitate the mainstreaming of sustainability issues into policy and investment decisions, and supporting countries in building institutional capacity for this agenda.
The World Bank's Global Program on Sustainability (GPS) and its predecessor program, WAVES Plus, have made significant progress in achieving their expected results. By the end of FY22, WAVES Plus had achieved an overall progress rate of 98% as it closed in December 2022. GPS, which is about halfway through its implementation, has an average progress coefficient of 61% overall.
The program has seen several key achievements:
- A major international asset manager has considered the Sovereign ESG Data Framework in developing its sovereign sustainability index, and a global investment bank has integrated the Sovereign ESG Portal data into its sovereign analysis framework.
- A global ESG index provider uses the Sovereign ESG Data Framework in its 'ESG scorecard for Emerging Markets (EM) sovereign credit', covering over 70 EM sovereigns.
- Barclays' survey found that half of sovereign bond investors were using data from the World Bank's Sovereign ESG Data Portal.
The program has also made progress on its research agenda, publishing five reports on topics like wealth accounts, sovereign ESG, and key performance indicators for sovereign sustainability-linked bonds. These findings have been shared with the Coalition of Finance Ministers for Climate Action, the Network for Greening the Financial System, and other key stakeholders.
In terms of capacity building and engagement, the program has provided support to initiatives like the Coalition of Finance Ministers for Climate Action, the Network for Greening the Financial System, and the Sustainable Banking Network. It has also supported clients on ESG/sustainability reporting and the implementation of toolkits to green the financial system.
Looking ahead, the program is strengthening its Monitoring, Evaluation and Learning (MEL) system to better track progress and facilitate learning. It is also revising its Results Framework based on feedback from donors and insights from the ongoing Program Evaluation and Impact Assessment. The updated framework will be used for FY23 reporting.
Overall, the GPS and WAVES Plus programs have made strong progress in advancing sustainable finance and natural capital approaches, with significant interest and uptake from investors, governments, and other stakeholders.
The Global Program on Sustainability (GPS) and its predecessor, the Wealth Accounting and the Valuation of Ecosystem Services (WAVES) Plus program, have made significant progress in supporting countries to produce publicly accessible data and analysis on natural capital and ecosystem services. By the end of FY22, 25 countries had completed such work, with plans to reach 34 countries by the end of the program. This data and analysis has informed the design, implementation, and evaluation of 25 World Bank projects and 59 policy and engagement documents.
The programs have also established a Sovereign ESG Data Portal that reached over 21,000 unique visitors in FY22, with 43% being return visitors. This has helped increase the share of investors considering nature in their sovereign bond investments from 20% to 55%.
At the global level, the programs have delivered new or improved datasets on natural capital, established a global data and knowledge platform, and produced technical reports on the economics of sustainability. They have also published the Changing Wealth of Nations flagship report and developed tools and guidance to support the integration of natural capital in decision-making.
In terms of country-level work, the programs have supported 16 core implementing countries and 20 targeted technical assistance engagements. They have also established 1 regional community of practice and held 6 global knowledge events on the policy uses of natural capital accounting.
On the sustainable finance front, the programs have established an ESG Sovereign Data platform, contributed to research on the effects of sustainability on the financial sector, and supported capacity building, disclosure, and engagement activities. This has included contributions to international initiatives like the Network for Greening the Financial System and the Coalition of Finance Ministers.
Overall, the GPS and WAVES Plus programs have made steady progress in advancing the integration of natural capital and ecosystem services into decision-making at the country and global levels, as well as in the financial sector. The programs are well-positioned to continue this important work through their planned closure in 2025.