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Human Capital Ministerial Conclave Spring Meetings 2023

April 14, 2023
Washington, DC

[Caption: Participants at the Human Capital Ministerial Conclave Spring Meetings 2023]

On April 14, 2023, 40 countries joined the Spring Meetings Human Capital Ministerial Conclave to discuss policy priorities and solutions to prepare people for the effects of climate change and empower them to drive the transition to a more sustainable, resilient, and inclusive economy.

Senegal’s Minister of Economy, Planning and Cooperation, and current Chair of the Human Capital Network, H.E. Oulimata Sarr, opened the event and Ministers of Finance, Budget, and Planning from Costa Rica, Egypt, Nigeria, the Central African Republic, Timor-Leste, the Maldives, Moldova, and Tanzania shared their country experiences during the discussions. World Bank Group Senior Managing Director for Development Policy and Partnerships Axel van Trotsenburg led the opening policy discussion. The President of the World Bank Group, David Malpass, joined for a closing discussion with Minister Sarr. World Bank Vice President of Human Development, Mamta Murthi, chaired the event.

Human capital investments are central to helping people adapt to climate shocks and build resilience.

  • Governments can promote people’s resiliency and adaptive capacity to respond to our changing climate by maintaining fiscal space to protect essential human capital investments, developing climate-smart social protection and disaster risk management programs, and creating more resilient health and education systems.
  • The World Bank Group can support programs and deepen the evidence base that links human capital and climate adaptation such as adaptive social safety nets and stronger basic service delivery systems.

Ensuring a successful and just transition to a low-carbon economy requires equipping people to be part of climate solutions and benefit from emerging opportunities.

  • Governments can achieve their climate and development goals by investing in human capital for climate mitigation, including education to catalyze green innovations and reskilling and upskilling for jobs in not only renewable energy but also sustainable agriculture, forestry, tourism and other sectors.
  • The World Bank Group can assist country-driven and evidence-based policy making on equitable green transitions and contribute to national development strategies.

The magnitude of climate and human capital financing requires reforms, new platforms, and partnerships to crowd in resources.

  • Governments can prioritize human capital expenditures, including through reallocation of regressive energy subsidies, and can foster an enabling environment for private financial flows to tackle human capital and climate challenges.
  • The World Bank Group can help countries make strategic investments, continue to expand its climate finance targets and advocacy, and attract private capital into human capital investments through new climate financing instruments.