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IMF, World Bank strengthen collaboration to enhance climate action
(MENAFN) On Friday, the International Monetary Fund (IMF) and the World Bank Group announced an intensified partnership aimed at bolstering climate action worldwide. This collaborative effort involves the implementation of an enhanced framework designed to assist countries in scaling up their efforts to address the challenges posed by climate change.
In a joint statement, the institutions highlighted their commitment to supporting countries in developing and implementing effective climate strategies. The collaboration will focus on providing vital support for countries' climate initiatives through a comprehensive, country-driven approach to policy reforms and climate investments.
The framework is underpinned by three key principles. Firstly, it involves identifying each country's unique climate challenges and prioritizing the policy reforms necessary to address them. Secondly, it entails collaborating with other Multilateral Development Banks and development partners to assist countries in implementing these reforms through technical assistance and financing. Lastly, the framework aims to establish country-led platforms dedicated to mobilizing additional climate finance, including contributions from the private sector.
The World Bank Group has committed to allocating 45 percent of its annual financing to climate change adaptation and mitigation efforts by 2025. Additionally, it aims to bring renewable energy access to 250 million people in Africa by 2030 and expand its crisis toolkit to provide support to those most affected by the climate crisis.
Meanwhile, the IMF will play a crucial role in helping countries enhance their resilience to climate change. This support will be facilitated through the Resilience and Sustainability Trust, which receives funding from contributions made by 23 countries. By leveraging their respective expertise and resources, the IMF and World Bank Group aim to significantly advance global efforts to combat climate change and promote sustainable development.
In a joint statement, the institutions highlighted their commitment to supporting countries in developing and implementing effective climate strategies. The collaboration will focus on providing vital support for countries' climate initiatives through a comprehensive, country-driven approach to policy reforms and climate investments.
The framework is underpinned by three key principles. Firstly, it involves identifying each country's unique climate challenges and prioritizing the policy reforms necessary to address them. Secondly, it entails collaborating with other Multilateral Development Banks and development partners to assist countries in implementing these reforms through technical assistance and financing. Lastly, the framework aims to establish country-led platforms dedicated to mobilizing additional climate finance, including contributions from the private sector.
The World Bank Group has committed to allocating 45 percent of its annual financing to climate change adaptation and mitigation efforts by 2025. Additionally, it aims to bring renewable energy access to 250 million people in Africa by 2030 and expand its crisis toolkit to provide support to those most affected by the climate crisis.
Meanwhile, the IMF will play a crucial role in helping countries enhance their resilience to climate change. This support will be facilitated through the Resilience and Sustainability Trust, which receives funding from contributions made by 23 countries. By leveraging their respective expertise and resources, the IMF and World Bank Group aim to significantly advance global efforts to combat climate change and promote sustainable development.
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