Top Posts
FG says desertification has disrupted livelihoods of over...
UN agency says deadly floods show need for...
NOA sensitises on climate change impact
UN climate change director calls for urgent action...
Environmental activist dismisses CoP meetings on climate change...
Trump administration says it won’t publish major climate...
Climate change: Stakeholders demand action on land use,...
Report: Climate change threatening global data centres
IMF warns climate change may deepen Nigeria’s debt...
Report: Death toll of European Heatwave 3 times...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Reformers say World Bank’s plan to free up climate spending not enough

by Matthew Eloyi February 22, 2023
written by Matthew Eloyi February 22, 2023
531

Officials and activists have said that the World Bank’s plan to relax its spending guidelines and lend more money to climate projects in developing nations does not go far enough.

The International Bank for Reconstruction and Development (IBRD), the largest division of the World Bank, may reduce its equity-to-lending ratio by one percentage point to 19%, according to the bank’s president David Malpass, who made the announcement last week.

This would free up almost $4 billion a year for initiatives to reduce emissions and prepare for climate change. The World Bank asserts that it devotes nearly a third of its budget to climate change initiatives and is putting this issue front and centre in all of its work.

Read Also: UAE minister calls for “phase out” of oil and gas ahead of COP28

However, one of the main minds behind the campaign for the World Bank’s green reform, Avinash Persaud, an advisor to Barbados’ prime minister Mia Mottley,  said 19% was “not low enough but a start”.

Similarly, an official from Germany’s economic cooperation and development (BMZ) noted that while the planned adjustment “is a first step,” additional reforms are needed considering the tasks ahead.

The US and Germany, two of the bank’s largest shareholders, have joined the effort to restructure the bank, which was first launched on the Caribbean island of Barbados. When Malpass steps down in June, the US will choose the bank’s new president.

Story was adapted from Climate Home News

climateReformersWorld Bank
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
UAE minister calls for “phase out” of oil and gas ahead of COP28
next post
Nigerian govt seeks more foreign support for climate change action

Related Posts

UN agency says deadly floods show need for...

July 22, 2025

UN climate change director calls for urgent action...

July 18, 2025

Environmental activist dismisses CoP meetings on climate change...

July 18, 2025

Trump administration says it won’t publish major climate...

July 18, 2025

Report: Climate change threatening global data centres

July 14, 2025

Report: Death toll of European Heatwave 3 times...

July 9, 2025

Japanese Island evacuates residents after relentless earthquake

July 7, 2025

5.2 Magnitude Earthquake Shakes Costa Rica’s Pacific Coast

July 7, 2025

Trump shuts down U.S. website on climate change

July 7, 2025

Report: Absa’s Mauritius Unit to Nearly Quadruple Green...

June 30, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World