Industry Investment Rating - The report does not explicitly provide an investment rating for the industry, but it highlights the importance of biodiversity conservation and the global "30x30" initiative, which aims to protect 30% of the Earth's land and sea by 2030 [10][12] Core Viewpoints - The report emphasizes the need for global biodiversity conservation, particularly through the "30x30" initiative, which has been adopted by 188 governments [10] - It highlights the use of the Global Biodiversity Information Facility (GBIF) data to identify new species protection opportunities in 10 countries across Latin America, Africa, and the Asia-Pacific region [11][12] - The study focuses on the importance of local conservation management and the role of endemic species in achieving biodiversity protection goals [12][13] Methodology and Findings - The report introduces a spatially efficient algorithm to identify priority areas for new protected areas, ensuring equal weight for all species, including vertebrates, invertebrates, and plants [13][16] - It demonstrates that spatial clustering of unprotected species allows for significant conservation gains with relatively small expansions of protected areas [16][19] - The study provides detailed case studies for countries like Brazil, Cameroon, South Africa, Costa Rica, Ecuador, Papua New Guinea, the Philippines, Madagascar, India, and China, showing varying levels of species protection and the spatial impact of expanding protected areas [20][21][35][51][74][85][97] Country-Specific Insights - In Brazil, 30.6% of the land is already protected, covering 93% of endemic species, but 1,412 species remain unprotected [21][22] - Cameroon has only 12% of its land protected, leaving 29.3% of endemic species unprotected [35][36] - South Africa and Costa Rica show impressive protection rates, with 91% and 97.9% of endemic species protected, respectively [51][52] - Ecuador and Papua New Guinea require varying levels of land expansion to achieve full species protection, with Ecuador needing up to 48% of its territory and Papua New Guinea needing 24% [74][75][82] - The Philippines and Madagascar show that marine species protection can be achieved with modest expansions of marine protected areas [85][86][93] - India and China, despite limited public data on protected areas, demonstrate the potential for significant species protection with relatively small land expansions [97][98][109][116]

Industry Investment Rating - The report does not explicitly provide an investment rating for the industry, but it emphasizes the growing importance of cross-border power grid interconnections and regional electricity markets as key enablers for the sustainable energy transition [17][18][19] Core Report Insights - The report highlights the multifaceted drivers of cross-border power trade, including economic value, enhanced power supply security, and climate change mitigation [19] - It underscores the importance of both physical (hard) and regulatory/operational (soft) infrastructure for successful regional power system integration [20][23] - The report identifies political commitment and financing as the two fundamental challenges to achieving deeper regional power grid integration [28][169] Summary by Section Executive Summary - The report aims to provide a foundational guide for integrating power grids and markets across borders, particularly in developing and emerging economies [17] - It emphasizes the economic, security, and environmental benefits of cross-border power trade, including cost savings, improved reliability, and reduced carbon emissions [19][20] - The report outlines five core building blocks for successful integration: interconnection infrastructure, planning and investment coordination, technical and operational coordination, commercial arrangements and market design, and institutional architecture [22][23] Power Trade Across Borders - Infrastructure connectivity, particularly power grid interconnections, is recognized as pivotal for sustainable development and shared prosperity [33] - Cross-border power trade enables countries with electricity surpluses to export power, while energy-deficient countries can improve access to reliable and affordable electricity [35] - The report highlights the potential for grid interconnection on a larger scale, connecting regions with different time zones and weather patterns to better utilize variable renewable energy (VRE) [36] Evolution of the Power Grid and Market Integration - Power system integration has evolved from bilateral grid interconnections to regional power pools and market-based trading [43] - Integration levels range from early-stage (limited coordination) to shallow integration (some coordination) and deep integration (well-developed institutions and competitive markets) [44][46] - The report provides examples of regional power pools at different integration levels, such as the Southern African Power Pool (SAPP) and the European Union's internal energy market [45][46] Drivers of Cross-Border Power Integration - The primary drivers of regional power system integration include economic efficiencies, power supply security, and climate change mitigation [67] - Economic benefits are derived from lower operating costs, economies of scale, and revenue opportunities from electricity exports [72] - Cross-border power trade enhances supply security by aggregating diverse energy resources and balancing supply and demand across regions [74] - Grid interconnections play a critical role in integrating larger shares of renewable energy and reducing carbon emissions [81][82] Building Blocks of Regional Grid Interconnections and Electricity Markets - Successful regional integration requires both physical infrastructure (transmission lines, substations) and enabling soft infrastructure (regulatory, operational, and market frameworks) [87][90] - Planning and investment coordination are essential to optimize generation and transmission investments across participating countries [108][109] - Technical and operational coordination, including grid codes and interconnector capacity allocation, are critical for efficient and reliable power system integration [125][130] - Commercial arrangements and market design, such as transitioning from bilateral trading to regional markets, are key to enhancing cost efficiency and competitiveness [137][140] Challenges of the Power Grid and Market Integration - Political commitment and cooperation are fundamental to overcoming challenges in cross-border grid integration, particularly in regions with complex political dynamics [170][171] - Financing cross-border interconnection projects is more challenging than financing renewable projects due to long lead times, revenue uncertainty, and regulatory complexities [176][177] - Developing countries face additional challenges, including limited domestic transmission infrastructure and difficulties in accessing affordable financing [179] Looking Ahead - Addressing the challenges of power grid integration requires greater partnerships, cooperation, and coordination among governments and the private sector [183] - The report emphasizes the need for global and regional initiatives to foster political commitment, build trust, and prioritize transnational benefits [184] - Scaling up financing for cross-border infrastructure, including concessional financing and innovative mechanisms like green bonds, is critical for advancing regional power grid integration [189][190]

Industry Investment Rating - The report does not explicitly provide an industry investment rating, but it highlights significant gender-based disparities in financial access and capital allocation, suggesting potential investment opportunities in addressing these gaps [5][6] Core Findings - Female-managed firms are equally likely to apply for credit as male-managed firms but receive lower credit amounts, indicating intensive margin credit constraints [5][6] - Female-managed firms demonstrate a 15% higher average return on capital compared to male-managed firms, suggesting potential capital misallocation [6] - Gender disparities in credit access are more pronounced in countries with restrictive social and cultural norms [17][18] Data and Methodology - The study uses firm-level data from the World Bank Enterprise Surveys (WBES) for 61 countries, focusing on formal firms with 5+ employees in the manufacturing sector [21] - Gender disparities are analyzed using both extensive (credit application, rejection rates) and intensive (loan amounts) margins [41] - Countries are classified as more or less traditional based on social perceptions about women's roles, using data from the World Values Survey (WVS) [24] Gender Gaps in Financial Access - Female-managed firms are less likely to have their credit applications rejected and more likely to have open credit lines compared to male-managed firms [51] - However, female-managed firms receive 39% lower loan amounts on average, with the disparity being more severe (52% lower) in traditional countries [53] - These disparities are not explained by differences in risk profiles, profitability, or productivity between female and male-managed firms [56] Capital Misallocation - Female-managed firms show a 15% higher average return on capital, indicating potential capital misallocation, particularly in traditional countries [68] - The higher return on capital for female-managed firms suggests they could benefit from increased access to credit to align with male-managed firms' performance [68] - Capital misallocation is more pronounced in firms that apply for and receive credit, especially in traditional countries [71] Policy Implications - The findings suggest the need for gender-inclusive financial products and services to address the specific constraints faced by female entrepreneurs [91] - Enhancing access to markets and technology for female-led firms could improve their sales per worker and overall performance [92] - Legal and regulatory reforms, along with gender intelligence training for financial intermediaries, could help reduce capital misallocation and improve credit access for women-led businesses [94]

Investment Rating - The report does not explicitly provide an investment rating for the industry or region [1][2][3] Core Viewpoints - Vietnam aims to achieve upper middle-income status by 2030 and high-income status by 2045, requiring gross capital investments to account for 32-35% of GDP, with government investment at 7.3% of GDP annually to support infrastructure development [14] - Public investment in Vietnam has declined from 8% of GDP in 2011 to 6% in 2022, with chronic under-execution of investment budgets and significant delays in project implementation [16] - The central government's share of total government investment has decreased from 40% to 20% over the past seven years, leading to over-investment by provinces in low-value projects and stranded assets [16] - Vietnam's infrastructure quality lags behind regional peers, with road transport costs being the highest in the region, which could impact its attractiveness as an FDI destination [20][22] Public Investment Trends - Vietnam's infrastructure quality ranks 77th globally, behind countries like China, India, Indonesia, Malaysia, and Thailand, with expressway density being one of the lowest in the region [20][22] - To sustain economic growth, Vietnam needs to invest 7-7.3% of GDP in infrastructure annually, aligning with global experience where fast-growing countries invest at least 7% of GDP in public investment [25] - Public investment as a share of GDP has declined from 8% in 2011 to 6% in 2022, with public capital stock per capita and per worker below upper middle-income and high-income countries [28] Inefficiencies in PIM and IGF Systems - The PIM system in Vietnam suffers from allocative inefficiencies, with provinces over-investing in low-value projects like industrial parks and provincial ports, leading to environmental degradation and economic waste [38][39] - Vietnam has 47 seaports, but 95% of cargo goes through three central government-operated ports, indicating uneconomic investments by provinces [40] - Overinvestment in small airports has resulted in low passenger volumes, with only 6 out of 22 airports experiencing growth, while most are loss-making [46] Systemic Problems in Subnational PIM and IGF Systems - Vietnam's fiscal decentralization has led to a fragmented intergovernmental system, with subnational governments accounting for 60% of total government expenditures, significantly higher than the international average [65] - The State Budget Law and Public Investment Law lack mechanisms for vertical and horizontal coordination, leading to underinvestment in national and regional infrastructure [40][41] - The lack of effective incentive and enforcement mechanisms at the regional level has resulted in a race-to-the-bottom competition among provinces, leading to inefficient public investments [44][45] Recommendations and Next Steps - The report recommends rebalancing infrastructure investment from provincial to central levels, addressing legal loopholes, and establishing robust monitoring mechanisms for capital budget resources [17] - It suggests institutionalizing tools for vertical and horizontal coordination, such as co-financing arrangements and regional Public Investment Programs, to enhance regional investment efficiency [96] - The report also emphasizes the need for a comprehensive review of expenditure responsibilities and the alignment of MTIPs with national and regional spatial development masterplans [93]

Industry Investment Rating - The report does not explicitly provide an investment rating for the industry [1][2][3] Core Viewpoints - Open finance frameworks have the potential to enhance customer empowerment, competition, data-driven innovation, and financial inclusion [15] - Open finance can expand the use and benefits of financial services for those who already have accounts by offering personalized savings, credit, insurance, or investment products [16] - Open finance should be designed to support responsible financial inclusion and benefit all parties involved, especially traditionally excluded and underserved segments [17] - Public authorities play a critical role in designing open finance frameworks and ensuring adequate safeguards [15] Key Elements of Open Finance Framework Organizing for Open Finance - Define clear policy objectives and how open finance will contribute to them, such as improving competition, innovation, customer empowerment, and financial inclusion [58] - Public authorities should lead the process and collaborate across different sectors to ensure the framework meets policy objectives [63] - Establish effective, transparent, and inclusive governance arrangements to support the ecosystem's operations and ensure representation of all stakeholders [69] Regulating Open Finance - Implement risk-based and proportionate regulation to determine rules for customer-permissioned data access, ensuring all participants are subject to regulation [75] - Oversight and supervision are essential to monitor the ecosystem and ensure compliance with laws and regulations [81] - A robust consumer protection and data protection framework is necessary to build trust and foster adoption while minimizing potential harm [85] Operational Elements - Facilitate consumer awareness and understanding of open finance opportunities and risks to support adoption and financial inclusion [97] - Enable broad participation of financial services providers, especially large data holders, to ensure widespread customer adoption [100] - Encourage the use of standardized APIs and a common architecture to support interoperability, reduce costs, and ensure data security [107] - Monitor and influence pricing to support policy objectives, ensuring fair compensation and avoiding barriers to participation [112] Industry Impact and Opportunities - Open finance can improve personal and business financial management, reduce costs, and enhance financial planning and budgeting [33] - It can also improve access to credit for low-income customers and small businesses by leveraging transaction data for credit decisions [31] - Open finance has the potential to increase the breadth, depth, and utility of financial services, contributing to financial inclusion and growth of the financial sector [31][36] - The development of new services can make account ownership more attractive and open up new pathways to financial inclusion [38]

Industry Overview - Brazil's financial sector has seen significant advancements in financial inclusion, particularly with the rapid adoption of the PIX payment system, which now facilitates over 4 billion monthly transactions [8] - Despite these advancements, financial consumers in Brazil face significant risks, including fraud, scams, over-indebtedness, and mis-sold bundled insurance products, with vulnerable groups like women and young consumers disproportionately affected [8] - Over-indebtedness remains a critical issue, with 72.89 million adults in default as of the latest report, despite government initiatives like the Desenrola Program aimed at restructuring defaulted personal loans [8] Financial Sector Landscape - Brazil's financial sector is the largest in Latin America, with a GDP of USD 1.9 trillion in 2022, and has shown marked ability to control inflation and foster financial markets, competition, and inclusion [12] - The banking system is highly centralized, with the five largest banks accounting for 76.6% of total banking assets in 2021, and the payment infrastructure has grown significantly since the establishment of a national payments system in 2013 [16] - Domestic credit to the private sector in Brazil represents 71.8% of GDP (2022), with household loans amounting to BRL 3.6 billion in March 2024, reflecting a 10% increase from the prior 12 months [21] Consumer Credit Market - Brazil's consumer credit market is primarily composed of unsecured loans, especially credit cards and government-managed payroll loans, with credit cards being the main source of consumer defaults [21] - As of March 2024, 72.89 million consumers were in default, representing 44.3% of the adult population, with 50.4% being women, and the number of defaulted consumers is at an all-time high [21] - Payroll loans play a significant role in the Brazilian market, especially for consumers receiving periodic government payments, with INSS having more than 63 million active payroll loans totaling BRL 145 billion [26] Insurance and Payment Products - Brazil's insurance industry represents only 3.6% of the country's GDP, with private pension funds being the leading segment, followed by property coverage and life insurance [36] - Payment accounts have emerged as the fastest-growing account type, with 80 million new accounts opened with Payment Institutions (PIs) alone between 2018 and 2020, driven by the increasing preference for non-physical transactions and the adoption of PIX [36] - Capitalization bonds, although the smallest segment in terms of revenue, achieved an impressive 49.6% Return on Equity (ROE) in 2022, while property and life insurance combined showed a 21.9% ROE [36] Financial Consumer Protection (FCP) Framework - Brazil currently lacks a dedicated FCP law, with the primary legislation governing financial consumer protection being the general Consumer Protection Code (CDC) [47] - The CDC imposes various requirements that generally apply to all goods and services, but it focuses on addressing abusive and unfair practices rather than specifically targeting FCP concerns [47] - The National Monetary Council (CMN) has issued overarching regulations for financial institutions, addressing topics such as suitability, debt collection, consumer mobility, and account closure, but the regulatory landscape remains complex and fragmented [49] External Dispute Resolution (EDR) Mechanisms - Brazil provides a dispute resolution mechanism for consumers through Procons and SENACON's Consumidor.gov platform, which processed almost 1.5 million complaints in 2021, with the financial sector responding to 30% of these complaints [60] - BCB receives around 500,000 complaints per year through its RDR system, analyzing individual complaints and rating them as indicative of a breach of compliance, but it lacks formal determination powers for individual complaints [60] - SUSEP has historically been more focused on acting on individual complaints on an ad hoc basis, with its current approach reflected in Circular SUSEP 643/21, which notes that supervisory action may be undertaken on an individual level [63]

Investment Rating - The report does not explicitly provide an investment rating for the industry but highlights significant potential for circular economy interventions to foster economic growth and sustainability in Cabo Verde's tourism sector [19][20]. Core Insights - The analysis identifies substantial interest in waste reduction measures among tourism businesses, with over 70% penetration expected for certain actions within five years, despite barriers such as high costs and limited access to alternatives [17][19]. - Key market opportunities include in-vessel composting, large water dispensers, rooftop solar PV, and greywater recycling, which are essential for transitioning to a more resilient economy [19]. - The report emphasizes the need for enhanced financial aid, tax incentives, and policy adjustments to facilitate the adoption of sustainable technologies [19][20]. Summary by Sections Executive Summary - Data collection involved in-person interviews with 19 tourism businesses and an online survey, revealing a willingness to adopt sustainable practices despite financial and infrastructural challenges [17][18]. - The report highlights significant market opportunities for circularity and sustainability in Cabo Verde's tourism sector [19]. Circular Economy Gap Analysis - The analysis covers infrastructure systems related to materials, waste, energy, and water, identifying gaps and opportunities for improvement [38][39]. - Stakeholders expressed strong support for renewable energy initiatives, particularly solar PV systems, driven by high energy costs [21]. Circular Economy Initiative Shortlisting - Five high-priority circular economy initiatives were identified, including the establishment of an Integrated Waste Management Facility (IWMF) and a Reverse Logistics System for plastics [24][25]. - The IWMF aims for a 40% recycling rate and 25% organic waste recovery by 2035, with a projected capital expenditure of approximately USD 3.23 million [26]. Institutional and Regulatory Analysis - The report outlines the need for regulatory reforms to support circular economy practices, including the implementation of Law 22/X/2023, which bans certain single-use plastics [28][30]. - Priority regulatory initiatives focus on enhancing waste management services and integrating circular infrastructure into tourism development zones [30].

Executive Summary Public Disclosure Authorized Understanding the Challenges and Constraints of Bhutanese Youth in Accessing Employment Opportunities Tshering Choki and Alvin Etang1 November 30, 2023 Poverty and Equity Global Practice, South Asia Region 1 Tshering Choki is the Director of Athang Training Academy, Athang Private Limited, Thimphu, Bhutan. Alvin Etang is a Senior Economist in the Poverty and Equity Global Practice of the World Bank. The report was prepared as a background paper for the Bhutan P ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The expansion of marine protected areas (MPAs) is a key focus of global conservation efforts, with the "30x30" initiative aiming to protect 30% of the ocean by 2030 [3][8] - A predictive machine learning model was developed to forecast the impact of MPA expansions on global fishing effort, indicating that fishing effort would decrease inside MPAs and also outside them, leading to a global redistribution of fishing effort [3][19][24] - The magnitude of the predicted decrease in fishing effort is influenced by the placement of MPAs in relation to existing fishing activities [3][22] Summary by Sections Introduction - The report discusses the significance of MPAs in conservation and the expected increase in fully protected MPAs from less than 3% currently to a target of 30% by 2030 [8][9] - It highlights the potential economic impacts of MPAs on fishing efforts and biodiversity [9][10] Methodology - A global dataset of fishing effort was compiled using satellite-based monitoring data from 2016 to 2021, with a focus on predicting future fishing effort under various MPA expansion scenarios [13][14] - The model incorporates 42 features, including environmental, geographic, and economic factors, to predict fishing effort [13][14] Results - The model predicts that total global fishing effort will be lower under MPA expansion scenarios compared to a business-as-usual scenario, with reductions ranging from -3% to -38% depending on the MPA network [19][22] - The overlap of proposed MPAs with current fishing activity is a critical factor in determining the extent of fishing effort reduction [22][26] - Fishing effort is expected to decrease both inside and outside MPAs, challenging the conventional wisdom of "fishing-the-line" [23][24] Discussion - The findings suggest that the placement of MPAs in areas with high fishing activity will yield the most significant reductions in fishing effort [26][45] - The report emphasizes the need for careful consideration of fisher responses to MPA expansions to balance conservation goals with the livelihoods of fishing communities [45][46]

Industry Overview - The services sector in Uzbekistan accounts for more than half of all jobs and has been central to structural transformation over the past three decades, with its share of total employment increasing from 37% to 50% between 1991 and 2022 [21] - The services sector's share of value-added rose from 35% to 44% over the same period, offsetting declines in agriculture and industry [21] - Labor productivity growth in the services sector between 2011 and 2021 exceeded that in both industry and agriculture, reversing previous trends [21] Services Sector Composition - The services sector is grouped into four categories: low-skilled consumer services, low-skilled enabling services, global innovator services, and social services [23] - Social services accounted for three-fourths of employment growth in the services sector between 2017–2022, driven by increased public spending [23] - Global innovator services (ICT, professional, and financial services) have the highest levels of labor productivity but account for only about 4% of total services employment [25] Trade and FDI - Growth of Uzbekistan's services exports has lagged behind its manufactures' exports, while FDI greenfield announcements to both sectors have been even [22] - FDI inflows to the services sector have increased over the past decade, with announced investments into services matching those in the manufacturing sector between 2020 and 2023 [73] Policy Recommendations - Uzbekistan can leverage the services sector for growth through progress along three areas: connectivity, contestability, and capabilities (3Cs) [27] - Connectivity improvements include investments in physical and digital infrastructure, while contestability focuses on reducing trade restrictions and increasing market competition [27][35] - Capabilities involve enhancing worker skills and management practices, with a focus on advanced technical education and vocational training [27][33] Economic Impact of Reforms - Reforms to reduce restrictions on services trade could increase real GDP by 9% with partial liberalization and by 17% with full liberalization [36] - The liberalization of services trade is expected to increase real incomes by 8% in a partial liberalization scenario and by 16% in a full liberalization scenario [36][37] WTO Accession - Uzbekistan's prospective accession to the WTO provides an important entry point for the liberalization of the services sector, with potential benefits including increased trade and investment [37][39] - The implementation of trade facilitation and foreign direct investment reforms could increase real GDP gains from approximately 10% to about 22% [39]