In an effort to increase climate finance, a large number of low- and middle-income nations have urged governments to increase their contributions to the World Bank.
China, India, and other countries applauded accounting adjustments that would allow the bank to take on more risk and invest more of its money as governments and bank officials reviewed green reforms this week.
However, they noted that these adjustments were insufficient and that the bank requires additional funding to do more than simply make better use of its current resources.
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Rich countries, which are supposed to contribute the majority of the funding, either rejected these recommendations, ignored them, or argued that the private sector, not the government, should exert more effort.
A coalition of rich and climate-vulnerable nations, led by Barbados’s prime minister Mia Mottley, has called on the bank to do more to tackle climate change.
Story was adapted from Climate Home News
