The World Bank Group has introduced a series of Global Challenge Programs (GCPs) designed to address significant development issues with increased efficiency and impact. These programs are a part of the Better Bank initiative, aiming to integrate public and private solutions to global challenges more effectively. The GCPs represent a strategic shift from minor adjustments to substantial innovation, targeting areas where the World Bank Group can make a notable difference.
There are six key GCPs, each aligned with specific Sustainable Development Goals and structured to utilize both public finances and private capital:
1. Forests for Development, Climate, and Biodiversity focuses on creating a sustainable forest economy in crucial biomes.
2. Energy Access and Transition aims to expand access to affordable and modern energy by promoting clean energy while reducing fossil fuel dependency.
3. Accelerating Digitalization seeks to foster large-scale technology adoption and innovation.
4. Food and Nutrition Security is dedicated to breaking the cycle of food insecurity by 2030.
5. Enhanced Health Emergency Prevention, Preparedness, and Response works on strengthening health systems at various levels for better emergency response.
6. Fast-Track Water Security and Climate Adaptation targets improved water security through sustainable management practices.
These programs leverage partnerships, financial resources, and knowledge sharing for maximum impact. For instance, the Health GCP collaborates with the Global Fund to enhance vaccine manufacturing coordination during health emergencies. The Water Security GCP engages with UN agencies and NGOs for effective implementation in fragile contexts.
Each program's design will be tailored according to the specific global challenge it addresses, as well as countries' development needs. An example includes the Energy Access and Transition GCP's partnership with AfDB aiming to connect 300 million people in Africa to electricity by 2030.
The programs will be delivered through the World Bank Group’s country-based development model within each country's strategic priorities outlined in their Country Partnership Frameworks.