Top Posts
Report: Absa’s Mauritius Unit to Nearly Quadruple Green...
Report: Heatwave in southern Europe pushes temperatures above...
Shettima says Nigeria to plant 20 billion trees
Earthquake hits Northern Iran amid tensions with Israel
Flash Flood: Ogun appeals to residents not to...
VP seeks collaboration to tackle Illegal migration, climate...
Fashion brands accused of shortcuts on climate pledges
BRICS countries develop shared position on climate finance
Europe launches climate change commission
Macron rebukes climate change deniers Ahead of Nice...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

World Bank to free up $4bn to tackle climate change

by Matthew Eloyi February 17, 2023
written by Matthew Eloyi February 17, 2023
523

The President of the World Bank, David Malpass, has disclosed that the organization may alter its internal lending policies to free up $4 billion in annual loan capacity in response to pressure to do more to assist developing nations in coping with climate change.

The International Bank for Reconstruction and Development (IBRD) arm of the bank, according to Malpass, may reduce its equity-to-lending ratio by one percentage point to 19%.

According to an independent assessment created for the Group of 20 (G20) major economies last year, the bank will thus assume a little bit more risk.

Read Also: ECT head  says EU is defending fossil fuels by opposing reforms

Reducing greenhouse gas emissions and assisting nations in their efforts to adapt to climate change are two of the bank’s primary priorities.

This purpose is becoming more crucial to how the bank allocates funds as a result of continuing reforms.

At a time when there are more pressing global issues, including the conflict in Ukraine, lowering the equity-to-lending ratio would free up more resources, according to Malpass.

By the April meetings of the bank and the International Monetary Fund, the bank’s board, which is composed of governors chosen by its member states, is anticipated to decide on the matter.

Story was adapted from Climate Home News

Climate changeWorld Bank
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
ECT head  says EU is defending fossil fuels by opposing reforms
next post
Buhari says Nigeria ready to host Secretariat of Sahel Climate Fund

Related Posts

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

June 30, 2025

Report: Heatwave in southern Europe pushes temperatures above...

June 30, 2025

Fashion brands accused of shortcuts on climate pledges

June 12, 2025

BRICS countries develop shared position on climate finance

June 12, 2025

Europe launches climate change commission

June 12, 2025

Macron rebukes climate change deniers Ahead of Nice...

June 9, 2025

Scientists say nearly 40% of the world’s glaciers...

June 3, 2025

German court dismisses climate case against RWE

May 28, 2025

WHO Climate Change action plan approved

May 28, 2025

Report: World likely to breach 1.5°C limit in...

May 28, 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