IMF and World Bank pledge support to G20 in fight against climate change risks

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IMF and World Bank pledge support to G20 in fight against climate change risks




FILE PHOTO-IMF Managing Director Kristalina Georgieva talks with World Bank President David Malpass before a Development Committee meeting during the IMF's 2019 Annual Meetings of Finance Ministers and Governors of Banks and the World Bank, in Washington, United States.


© Reuters/Mike Theiler
FILE PHOTO-IMF Managing Director Kristalina Georgieva talks with World Bank President David Malpass before a Development Committee meeting during the IMF’s 2019 Annual Meetings of Finance Ministers and Governors of Banks and the World Bank, in Washington, United States.


By Andrea Shalal

WASHINGTON, Feb.26 (Reuters) – Leaders of the International Monetary Fund and the World Bank on Friday pledged to redouble their efforts in the fight against climate change, taking a closer look at the environmentally related risk to financial stability and using other tools at your disposal.

World Bank President David Malpass told Group of 20 CFOs that the bank, the largest provider of climate finance to the developing world, would make record environmental investments in 2021 for the second year in a row.

The Bank is also launching new reviews to integrate climate into all its diagnostics and strategies, with an initial focus on developing countries with the highest carbon emissions and populations most vulnerable to climate, Malpass said.

“A key objective will be to help countries achieve a just transition from coal to affordable, reliable and sustainable energy. We are also developing a framework for fiscal policy and sustainable growth,” he said.

For her part, IMF Managing Director Kristalina Georgieva said she strongly supports a proposal from Italy, which leads the G20 this year, on global climate risks and environmental taxation.

“We will play our role in areas such as integrating climate into public revenue and spending policies, climate-related financial stability risks and data,” he stressed.

(Report by Andrea Shalal. Edited in Spanish by Javier Leira)

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