{"id":3501183,"date":"2022-10-13T09:04:34","date_gmt":"2022-10-13T08:04:34","guid":{"rendered":"https:\/\/www.globalfactor.com\/?p=3501183"},"modified":"2022-10-13T09:15:57","modified_gmt":"2022-10-13T08:15:57","slug":"us-germany-back-fundamental-reform-of-world-bank-to-scale-climate-finance","status":"publish","type":"post","link":"https:\/\/www.globalfactor.com\/en\/us-germany-back-fundamental-reform-of-world-bank-to-scale-climate-finance\/","title":{"rendered":"US, Germany back \u2018fundamental reform\u2019 of World Bank to scale climate finance"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1372.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p style=\"text-align: justify; \">A group of 10 major economies are building momentum to scale-up climate finance for developing countries by reforming how development banks spend money, starting with the largest: the World Bank.<\/p>\n<p style=\"text-align: justify; \">On Tuesday, Germany and the US handed a joint proposal for \u201ca fundamental reform of the World Bank\u201d to its management, during this week\u2019s annual meetings in Washington DC.<\/p>\n<p style=\"text-align: justify; \">The proposals aim to make the bank fit to address global challenges, including climate action and biodiversity conservation.<\/p>\n<p style=\"text-align: justify; \">A spokesperson for the German government told Climate Home News the proposed reforms were backed by 10 countries, including all of the G7 group.<\/p>\n<p style=\"text-align: justify; \">Development minister Svenja Schulze, who serves as Germany\u2019s representative on the World Bank\u2019s board of governors, said: \u201cThe World Bank\u2019s current model\u2026. is no longer appropriate in this time of global crises. Challenges and investment needs are so great that the model needs to be adjusted.\u201d<\/p>\n<p style=\"text-align: justify; \">Schulze said the reforms should include \u201cclimate lending on better terms\u201d and \u201ctargeted budget support for governments which want to pursue policy reforms to make their economies climate neutral\u201d.<\/p>\n<p style=\"text-align: justify; \">Germany expects a response from the bank by the end of the year.<\/p>\n<p style=\"text-align: justify; \">Developing countries have warned they need affordable financing options to transition to clean energy and invest in resilience without being pushed into unsustainable levels of debt. But finance isn\u2019t flowing to those that need it most.<\/p>\n<p style=\"text-align: justify; \">Last week, Janet Yellen, US secretary of the treasury, said multilateral development banks, including the World Bank, had to \u201cevolve\u201d to address global challenges such as climate change.<\/p>\n<p style=\"text-align: justify; \">The US, the bank\u2019s largest shareholder, and the group of reformers are calling for its management to develop \u201can evolution roadmap\u201d by December, she said.<\/p>\n<p style=\"text-align: justify; \">Yellen said development banks should increase concessional funding, including grants, to support middle-income countries transition away from coal.<\/p>\n<p style=\"text-align: justify; \">Besides from governments, the banks could support regional and sub-national entities, such as green city initiatives, adopt stronger targets and develop new instruments to mobilise private finance.<\/p>\n<p style=\"text-align: justify; \">Source: Climate Home News<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":3495805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[89,88],"tags":[],"class_list":["post-3501183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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