The connection between development and climate change is increasingly clear: delivering on these together will require large-scale low-carbon and resilient investments. It will also require approaches that tackle the political economy of the low-carbon transition and help communities build long-lasting resilience to climate change. What are the investments needed to achieve a green, resilient and sustainable future? How can we unlock private finance for climate action? How are countries stepping up to the challenge?
During the 2022 World Bank Group-IMF Spring Meetings, we explored the actions that are needed to create enabling environments, leverage different pools of capital at the right time, for specific needs, while involving communities and bringing them along in the global low-carbon, resilient transition. World leaders came together to discuss how to best build resilience & manage uncertainty. Listen to the Spring Meetings highlights in a special series of The Development Podcast.
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Timestamps
[00:00] Welcome and introduction of the topic
[02:10] COP27 & Egypt: Creating meaningful solutions for the future
[07:56] How to make climate finance tangible and action-oriented
[15:20] Private capital in supporting climate action
[23:27] Transitioning economies, transforming climate
[26:04] Closure and thanks for tuning!
Featured voices
- Rania Al-Mashat, Minister of International Cooperation, Arab Republic of Egypt: "We cannot think about climate as separate from the development process of the country."
- Rhian-Mari Thomas, Chief Executive, Green Finance Institute: "We clearly need that enabling policy and regulatory frameworks in country, as well as the mechanisms to improve credit worthiness so that we can secure both local and international funds."
- Nicholas Stern, IG Patel Professor of Economics and Government, London School of Economics: "We have to put in place a big transition and we have to do it now, and of course, exiting coal, moving away from coal. That will involve a great deal of investment, but we're going to have to adapt."
- Mari Pangestu, Managing Director, Development Policy and Partnerships, World Bank: "Another realism that we are facing today the Ukraine war and its impact on high energy prices and increased concerns around energy security. How can we move forward to continue accelerating the energy transition?"
- Makhtar Diop, Managing Director, IFC: "We are hearing very much from the private sector about green taxonomy. People want to know when they invest to support a fight against climate change, that is really targeted to activities which are related to that."
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ABOUT THE WBG-IMF SPRING MEETINGS 2022
Preparing for future crises and strengthening international cooperation are essential to deliver a resilient recovery and a better future for those most in need. At these Spring Meetings, the World Bank Group convened leaders, experts and activists to discuss the impact of these global shocks on the most vulnerable communities.
ABOUT THE WORLD BANK GROUP
The World Bank Group is one of the world’s largest sources of funding and knowledge for low-income countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.