A draft “evolution roadmap” created by bank staff indicates that the World Bank is considering making climate action a more important part of its mission.
According to the 20-page paper, which is dated December 18, the bank will broaden beyond its existing dual goals of reducing extreme poverty and fostering shared prosperity.
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The document says the new mission “will emphasize the importance of sustainability and resilience to reflect more clearly that our mission includes global public goods (GPGs), such as climate change”.
It recommends altering regulations to encourage the bank to lend more of its funds, reorienting attention away from the world’s poorest nations and toward middle-income nations that are more polluting, and taking climate vulnerability into account when determining borrowing requirements.
Story was adapted from Climate Home News.
