Friday, September 12, 2014

Development Banks Pledge to Step Up Climate Action

World Bank President Jim Yong Kim, addresses a press conference in New Delhi, India, Wednesday, July 23, 2014. (Credit: AP Photo /Manish Swarup) Click to enlarge.
The world's six multilateral development banks promised on Thursday to do more to help emerging nations fight climate change as part of efforts to reinvigorate flagging work on a U.N. deal to limit temperature rises.

In a statement before a Sept. 23 summit on global warming to be hosted by U.N. Secretary-General Ban Ki-moon in New York, the World Bank and other banks said they had delivered $75 billion in financing since they started joint tracking of funds in 2011.

"We now pledge to build on our work so far and to enhance our climate finance action, in accordance with our organizations’ respective mandates, expertise, and resources," the banks said in a statement.

They did not give any target for funds.

The statement was signed by the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development (EBRD), European Investment Bank, Inter-American Development Bank and World Bank Group.

Developing nations often complain that they need far more aid to help rein in rising greenhouse gas emissions as part of a 200-nation U.N. deal to limit global warming that is due to be agreed in late 2015 at a summit in Paris.

Development Banks Pledge to Step Up Climate Action

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