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World Bank IMF and Dev Agencies | |
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Wednesday, January 30, 2019 04.30PM /
Nifemi Taiyese for Proshare WebTV / Image Credit: Daily Express
The World Bank is stepping up its
commitment to climate finance globally, to the tune of $200bn.
Kristalina Georgieva the chief executive
of the World Bank disclosed this as a panelist at the 2019 Davos World Economic
Forum (WEF).
The panel which discussed “Global Economy
in Transition” was moderated by the Managing Director of the International
Monetary Fund Ms. Christine Lagarde.
According to
Georgieva the investments will be
placed in mitigations like battery storage, wind energy, low carbon mobility,
rail transportation will be put on the same footing as investment in
adaptation.
The World Bank boss
further stated that the Bank will cover investments in resilient climate cities
and coastal areas with mangroves.
Giving insight on the
climate she said “Climate change is not only happening but it is happening
faster than we thought it would. Standford University calculated what it means
if temperature should continue to go up, it goes up to 2.5degree, it shaves off
15% of global GDP, it goes up to 3 degree we lose 25% of global GDP”.
She outlined three areas where the World Bank is working on encouraging green global economy investment:
The World Bank CEO was
of the view that it was morally right and absolutely essential to scale up
sustainability in the globe economy, and that there must be an increase in
action on adaptation.
On the partnership with
the private sector to increase investments in climate finance and green
economy, Georgieva said many business leaders are stepping up and are committed
to climate action.
From her viewpoint many
companies have realized the importance of climate action for their
profitability. She believes that Central Banks can help from the monetary
policy side by relentlessly pursuing the appropriate pricing of carbon
emission.
At the moment there are
70 jurisdictions, countries, and regions that have embraced carbon pricing.
World Bank Carbon Pricing Dashboard
Source: World Bank
She noted that by doing
so they will give wind to the sail of business leaders ready to transform
towards green economic enterprise.
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