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Wednesday, December 6, 2023

G20 Summit: IMF and World Bank Commit to Enhanced Climate Cooperation

On Thursday, the heads of the International Monetary Fund and World Bank declared their intention to strengthen their collaborative efforts in addressing the “grave existential challenge” presented by climate change.

In a joint statement, IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga emphasized that climate change represents a significant peril to worldwide peace, security, economic equilibrium, and progress.

In addressing what they termed the “existential threat posed by climate change,” the leaders expressed their commitment to assisting all member countries in harmonizing their climate and development objectives.

This rare joint statement from the two leaders, made during the G20 summit in India, underscores the significant focus Ajay Banga, the former CEO of Mastercard and current World Bank President, has placed on climate change since taking on his role during the summer. The Biden administration, which nominated Banga for this position, has also been urging development institutions to increase their efforts in providing financing for climate change mitigation and adaptation.

The G20 meeting offers a substantial, albeit challenging, opportunity for member nations to collaborate in addressing the climate challenges outlined in the joint statement, according to an individual with knowledge of the situation.

In addition to climate change, the two leaders committed to closer collaboration in preventing the accumulation of debt vulnerabilities. They also announced their intent to ramp up support for countries in harnessing the advantages of new digital technologies while mitigating associated risks, particularly in enhancing cross-border payment systems

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