WASHINGTON, July 23 ― US Treasury Secretary Janet Yellen told the heads of the World Bank and other multilateral development banks yesterday to come up with concrete plans to mobilise significantly more capital to fight climate change and support emission reduction goals.
“Secretary Yellen encouraged the MDBs to increase their focus on climate adaptation, particularly through private-sector operations, and to support developing countries in implementing ambitious emissions reduction measures and protecting critical ecosystems,” the Treasury said. Among potential initiatives discussed at the meeting were banks' moving beyond their traditional development finance to help countries develop green bond markets and create “enabling environments” to attract more private climate investments.
World Bank President David Malpass tweeted that there was “a good discussion of climate change” during the meeting. “A sense of urgency on climate action is vital as we address challenges of transition, electricity access & private sector mobilisation for mitigation/adaptation.”
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