World Bank Chief Says Climate Adaptation Could Protect or Create 150 Million Jobs Globally

Key summary

At a Bangkok forum hosted during the 2026 Annual Meetings of the IMF and World Bank Group, Paschal Donohoe, Managing Director and Chief Knowledge Officer of the World Bank Group, stated that prioritizing climate adaptation could create or safeguard up to 150 million jobs worldwide. Speaking at an event titled 'Financing a Resilient Green Economy', he argued that spending on climate resilience should be seen as an investment in livelihoods, economic security, and sustainable growth rather than just environmental costs. Donohoe noted the World Bank Group provided US$48 billion from its own balance sheet and mobilized another US$48 billion in private capital during fiscal 2026, totaling US$96 billion. He emphasized integrating climate considerations into development strategies, pointing out that 80% of the institution's Country Partnership Frameworks utilize Country Climate and Development Reports to align economic and climate goals. Jean-Paul Servais, chair of IOSCO, highlighted that 80 jurisdictions have voluntarily adopted ISSB standards to improve investor confidence through comparable sustainability disclosures. Santitarn Sathirathai, Thailand's Vice Minister for Finance, noted that energy shocks in 2026 have converged climate resilience with economic stability. She cited that net energy imports account for nearly 10% of Thailand's GDP and outlined government priorities including shifting from broad fuel subsidies to targeted assistance, promoting renewable energy with incentives for household solar and grid access reforms, and launching a Low Carbon City project with the World Bank to generate verified carbon credits.