The World Bank Group(WBG) says it is proposing a new trust fund to help increase financial flow from the global community to projects aimed at reducing greenhouse gas emissions.<\/p>\n\n\n\n
David Malpass, the WBG President said this at the Eighth Ministerial Meeting of the Coalition of Finance Ministers for Climate Action at the ongoing International Monetary Fund\/WBG Annual Meetings 2022, held in Washington DC.<\/p>\n\n\n\n
The president\u2019s speech was published on the World Bank\u2019s website on Thursday.<\/p>\n\n\n\n
Malpass said the bank was proposing SCALE, which stands for Scaling Climate Action by Lowering Emissions.<\/p>\n\n\n\n
\u201cIntegrated within our climate change operations, this new umbrella trust fund will provide grant payments to developing countries for achieving verified emissions reductions.<\/p>\n\n\n\n
\u201cGovernments could use the funding for just transition, low carbon development, or for blended finance to cover part of the interest payments of projects. \u201d<\/p>\n\n\n\n
He said the bank was implementing its Climate Change Action Plan with clear, intense, and focused measures to help its client countries fully integrate climate and development.<\/p>\n\n\n\n
Malpass said it would require diagnostics, impactful projects, the banks\u2019 resources, and large-scale financing.<\/p>\n\n\n\n
He said a principal goal of the bank\u2019s action plan is to build the financing mechanisms to help the global community support global public goods, such as climate action in developing countries.<\/p>\n\n\n\n
\u201cAs you know, we are spending over 35 per cent of our growing resources on climate-related efforts, of which half is for adaptation.<\/p>\n\n\n\n
\u201cYour subscriptions to the recent capital increases for IBRD and International Finance Corporation, plus your generous contributions to the International Development Association, are being leveraged into sustainable development.<\/p>\n\n\n\n
\u201cWe are achieving development leveraging ratios that are by far the highest among Multilateral Development Banks (MDBs) and we are working with you and bond markets to leverage more in sustainable ways. \u201d<\/p>\n\n\n\n
He said investments in adaptation and mitigation were needed across the world.<\/p>\n\n\n\n
\u201cOur Country Climate and Development Reports (CCDRs) are also looking carefully at the level of investments needed.<\/p>\n\n\n\n
\u201cOur CCDRs also illustrate that the transition requires a shift in technologies, stimulating innovation and driving down cost curves.<\/p>\n\n\n\n
\u201cWe welcome the recent announcement from the U.S. of a nearly 1 billion dollar loan to the Clean Technology Fund, which will help scale up low carbon technologies in developing countries.\u201d<\/p>\n\n\n\n
Malpass said the bank was also working to help countries build country platforms to engage with a wide range of development actors in an efficient and tangible way.<\/p>\n\n\n\n
\u201cWe will be inviting countries to organise investor conferences to bring development partners and the private sector together around the policy and financing findings of the CCDRs.\u201d<\/p>\n\n\n
The World Bank Group(WBG) says it is proposing a new trust fund to help increase financial flow from the global community to projects aimed at reducing greenhouse gas emissions. David Malpass, the WBG President said this at the Eighth Ministerial Meeting of the Coalition of Finance Ministers for Climate Action at the ongoing International Monetary […]<\/p>\n","protected":false},"author":2,"featured_media":20795,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949],"tags":[21],"class_list":["post-45945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-world-bank","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n