IMF, World Bank under pressure to boost climate change financing

Officials from the World Bank and International Monetary Fund (IMF) will attend a two-day summit in Paris with other top business figures to address the interrelated issues of poverty reduction and climate change.

The gatherings, which French President Emmanuel Macron is hosting, have been promoted as a chance to reorient the global financial architecture in order to better manage the enormous volume of investment required to reach the global climate targets by the end of the decade.

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Along with calls for multilateral development banks (MDBs) to do more to assist developing nations in gaining access to finance to both adapt to climate change and deal with its effects, the summit has also brought attention to the IMF and World Bank’s own climate change policies.

In recent years, both the IMF and the World Bank have established programs to aid nations in coping with the climate transition.

With just over $40 billion in resources at its disposal, the IMF established the Resilience and Sustainability Trust (RST) last year to provide longer-term loans to support initiatives connected to these problems.

The first nations to gain are Bangladesh, Barbados, Costa Rica, and Rwanda.

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Mridha Shihab Mahmud is a writer, content editor and photojournalist. He works as a staff reporter at News Hour. He is also involved in humanitarian works through a trust called Safety Assistance For Emergencies (SAFE). Mridha also works as film director. His passion is photography. He is the chief respondent person in Mymensingh Film & Photography Society. Besides professional attachment, he loves graphics designing, painting, digital art and social networking.
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