Private sector funding key to climate transition: World Bank
The World Bank raised its target for climate-related projects from 35% of its annual financing to 45%. Given that the Bank's lending commitments in the most recent financial year were less than $130bn, the only way to get close to this target is by encouraging far greater private sector participation,...
‘Unintended consequences’: friction at COP28 over green trade
Inside the negotiating rooms and on the sidelines of the COP28 climate talks, simmering tensions over wealthy countries' "green trade" policies have been bubbling to the surface, with developing nations fearful they will be penalized. A particularly sore point has been the European Union's new carbon border tax, which sets...
‘COP28 makes significant strides in climate action’
"COP28 is a very important conference because what it's doing is not just bringing people together, but it provides certainty about the deadline that everyone wanting to make any real commitment must adhere to," he adds, underscoring the significance of the UN Climate Change Conference being held in Dubai.UAE president discusses climate financing with World Bank chief
Abu Dhabi, UAE – The UAE president Sheikh Mohamed bin Zayed Al Nahyan Thursday discussed climate financing with the President of the World Bank Group Ajay Banga at Qasr Al Shati in Abu Dhabi.The meeting also discussed global economic conditions, the economic impact of crises, and the contributions of the World...
Geopolitical conflicts pose biggest risk to global economy: Ajay Banga
The World Bank President expressed deep concern over the widening wealth gap, while calling for more action on gender equality and women's rights.Israel-Hamas war risks ‘serious’ economic damage: World Bank president
Ajay Banga was speaking at the annual Future Investment Initiative, often referred to as "Davos in the Desert". More than 6,000 delegates are registered for the three-day event that will feature appearances by global banking chiefs and the presidents of South Korea, Kenya and Rwanda, organizers say.Israel-Gaza conflict creates global economic ripples
As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with its neighbors hangs in the balance.Israel-Gaza conflict creates global economic ripples
As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with its neighbors hangs in the balance.Yellen urges more IMF, World Bank reforms for climate, poverty fight
Benguerir, Morocco - US Treasury Secretary Janet Yellen said on Tuesday she backed efforts to boost the lending firepower of the IMF and World Bank to combat poverty and climate change.Speaking on the sidelines of the IMF-World Bank annual meetings in Morocco, Yellen said the global lending system had already changed...World Bank chief vows to tackle ‘dysfunctionality’ at development lender
The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its current twin mandate of poverty alleviation and boosting shared prosperity to include climate change. Banga's comments in New York come shortly before global leaders are due to gather for the...
IMF, World Bank vow to address climate change threat at G20
The leaders of the International Monetary Fund and World Bank announced that the two institutions will collaborate more closely to tackle the "existential threat" posed by climate change. "Climate change is a threat to global peace, security, economic stability," IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga...US pick Ajay Banga confirmed as new World Bank president
Banga was the sole nominee for the top job. He will begin his new role on June 2. President Joe Biden said in a statement that Banga "will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction...
