WB and IMF deepen cooperation in the fight against climate change
The World Bank and the International Monetary Fund (IMF) are enhancing cooperation to help countries step up their actions to combat the threat of climate change.
In the joint statement made by the World Bank and the IMF, it was noted that the cooperation will provide critical support to countries’ climate strategies through an integrated approach to policy reforms and climate investments, and that the two institutions will use their analysis, technical assistance, financing and policy expertise to develop country-focused reform programs within their respective mandates. .
In the statement, it was stated that three basic principles will be taken into account in this framework, first of all, countries, the World Bank and the IMF will work closely together to determine each country’s climate challenges and the priority policy reforms required to address them.
It was stated that the institutions will also work with other multilateral development banks to help countries implement reforms through technical assistance and financing, and thirdly, the IMF and the World Bank will help establish platforms designed to mobilize additional climate finance, including the private sector, upon request. .
It was emphasized in the statement that the enhanced cooperation between the two institutions will encourage country-focused partnerships, mobilize policy changes and increase investments to meet the climate needs of countries, and that the increasing resources allocated by the institutions to climate action will be optimized and additional resources will be collected from development partners and the private sector.
“Improved cooperation will increase the impact of resources”
“The World Bank will dedicate 45 percent of annual financing to climate change adaptation and mitigation by 2025, work to bring renewable energy to 250 million people in Africa by 2030, and expand its crisis toolkit to support people on the front lines of the climate crisis,” the statement said. It accelerates climate action with new measures such as statements were included.
In the statement, it was noted that the IMF helps countries build resilience against climate change with the support of the Resilience and Sustainability Foundation (RST), which is financed with the contributions of 23 countries, and it was reported that 18 countries have benefited from the RST since it became operational in October 2022.
In the statement, it was emphasized that the enhanced cooperation framework of the World Bank and the IMF is expected to further increase the impact of the resources directed through the RST.