Climate advocates say the World Bank has failed to sufficiently finance projects that mitigate climate change and bolster climate resilience, adding that initiatives put forward by the organization lack the transparency necessary for accountability.
The incident appeared to incite broader criticism of climate impact at the World Bank, which aims to address global poverty by providing free and low-cost loans for projects in developing countries.last week that multilateral development banks -- of which the World Bank is among the largest -- should “evolve” to better address global challenges like climate change.
“It’s a good thing this conversation with the World Bank has started,” Thanu Yakupitiyage, the head of U.S. Communications for environmental group 350.org, told ABC News. “But it can’t just end with some criticism. We’re at a critical point in the climate crisis.”The World Bank strongly rebuked such criticism, citing progress made since Malpass was appointed in 2019.
In addition, the World Bank committed to increase its target for the share of climate-related projects to 35% of total commitments over a 5-year period. “Climate is one of the big priorities that the bank has -- nobody can doubt that,” he told ABC News. “The problem is doing more than ever just isn’t enough anymore.”released by Oxfam this month found that the bank’s climate finance, totaling $17.2 billion in fiscal year 2020, could be incorrect by as much as $7 billion or about 40%.MORE: The Fed says unemployment will rise. Here's who economists say would lose their jobs first.
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