Global warming could undermine poverty fight, warns World Bank

Updated 24 November 2014
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Global warming could undermine poverty fight, warns World Bank

WASHINGTON: Climate change could undermine efforts to defeat extreme poverty around the globe, the World Bank warned.
In a new report on the impact of global warming, the bank said sharp temperature rises would cut deeply into crop yields and water supplies in many areas and possibly set back efforts to bring populations out of poverty.
“Climate change poses a substantial and escalating risk to development progress that could undermine global efforts to eliminate extreme poverty and promote shared prosperity,” the report said.
“Without strong, early action, warming could exceed 1.5-2 degrees Celsius and the resulting impacts could significantly worsen intra- and intergenerational poverty in multiple regions across the globe.”
The bank said it is already likely that average temperatures will rise 1.5 degrees Celsius (2.7 degrees Fahrenheit) from pre-industrial levels, based on the built-in impact of past and current greenhouse gas emissions.
That means that extreme heat events, sea level rise and more frequent tropical cyclones may now be unavoidable.
But without concerted action, the real danger is that the average global temperature increase could go to 4.0 degrees Celsius by the end of the century.
The bank called that “a frightening world of increased risks and global instability.”
“Ending poverty, increasing global prosperity and reducing global inequality, already difficult, will be much harder with warming of two degrees Celsius, said World Bank President Jim Yong Kim.
“But at four degrees, there is serious doubt whether these goals can be achieved at all.”
The new report, “Turn Down the Heat: Confronting the New Climate Normal” focuses on the specific regional impacts of warming.
Warming of two degrees could lower the yield of Brazil’s soybean crop by 70 percent. Andean cities would be threatened by melting glaciers, and Caribbean and West Indian coastal communities could see their fish supplies dwindle.
Two-degree warming could reduce yields of maize, wheat and grape crops in Macedonia by 50 percent. In northern Russia, it would mean substantial melting of the permafrost, causing a surge in damaging methane emissions, which would amplify the warming trend.
The World Bank has set an ambitious target of eliminating extreme poverty around the world by 2030, and Kim says that can still be done if warming is limited to just two degrees.
But temperatures have already increased 0.8 degree from the pre-industrial mean, and the new study says it is likely already too late to forestall a 1.5-degree gain.
The impacts of poverty exacerbated by climate change are wide and complex, the report shows. It will increase migration, though some people without means will be stuck with worse prospects in life.
In the Middle East and North Africa, water resources and agriculture will be under severe threat from warming.
And in turn, the impact could be political. The report cited two studies that linked the Arab Spring uprising to the drought impact of warming on food prices.
Further climate change could add to security problems “by placing additional pressures on already scarce resources and by reinforcing such preexisting threats as political instability, poverty, and unemployment,” it said.
“This creates the potential for social uprising and violent conflict.”


Closing Bell: Saudi main index closes in red at 10,947 

Updated 19 February 2026
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Closing Bell: Saudi main index closes in red at 10,947 

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25. 

The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated. 

The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71. 

The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated. 

The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34. 

Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51. 

On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39. 

National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50. 

On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co. 

In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.  

Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.  

Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.  

The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said. 

The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.