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US, Germany back ‘fundamental reform’ of World Bank to scale climate finance
(Climate Home News, 12 Oct 2022) A group of 10 major economies are building momentum to scale-up climate finance for developing countries by reforming how development banks spend money, starting with the largest: the World Bank.
On Tuesday, Germany and the US handed a joint proposal for “a fundamental reform of the World Bank” to its management, during this week’s annual meetings in Washington DC.
The proposals aim to make the bank fit to address global challenges, including climate action and biodiversity conservation.
A spokesperson for the German government told Climate Home News the proposed reforms were backed by 10 countries, including all of the G7 group.
Development minister Svenja Schulze, who serves as Germany’s representative on the World Bank’s board of governors, said: “The World Bank’s current model…. is no longer appropriate in this time of global crises. Challenges and investment needs are so great that the model needs to be adjusted.”
Schulze said the reforms should include “climate lending on better terms” and “targeted budget support for governments which want to pursue policy reforms to make their economies climate neutral”.
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