The World Bank Group (WBG) and the International Monetary Fund (IMF) have announced plans to deepen cooperation that will see them help countries scale up action to confront the threat of climate change.
The collaboration would support countries through an integrated country-led approach to policy reforms and climate investments, according to a statement on Friday.
The organisations said that they would leverage their analytics, technical assistance, financing, and policy expertise to enhance country-driven reform programmes.
“First, countries, the WBG and the IMF will work together closely to identify each country’s climate challenges and the priority policy reforms needed to address them,” the statement reads. “Second, the WBG and the IMF will work with other multilateral development banks and development partners to help countries implement the reforms through technical assistance and financing,”.
The statement also added that the WBG and the IMF will help establish country-led platforms designed to mobilise additional climate finance, including from the private sector, upon request.
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According to the statement, WBG will devote 45 percent of its annual financing to climate change adaptation and mitigation by 2025.
“This enhanced cooperation between the two institutions will foster country-driven partnerships, galvanise policy changes, and scale up investments to meet countries’ climate needs,” the statement reads. “The joint effort will also optimise the increased resources the institutions are dedicating to climate action and crowd in additional resources from development partners and the private sector.
The World Bank Group said that it is ramping up its climate action with new measures including devoting 45 percent of annual financing to climate change adaptation and mitigation by 2025, working to bring renewable power to 250 million people in Africa by 2030, and expanding its crisis toolkit to support people on the front lines of the climate crisis.
This is even as the IMF is helping countries build resilience to climate change with support from its Resilience and Sustainability Trust (RST), which is funded by generous contributions from 23 countries.
Story was adapted from the Guardian.
