World Bank requests during COP27 more cash for Climate Change and Warming
Axel van Trotsenburg, the World Bank's managing director of operations, requests on the sidelines of the COP27 climate talks in Sharm el-Sheikh, Egypt, more fresh funds from wealthy donor countries to deal with Climate Change and Global Warming in the world's poorest countries during the 27th United Nations Climate Change conference held from 6 November until 18 November 2022 in Sharm El Sheikh, Egypt.
The World Bank announced in the 2022 United Nations Climate Change Conference, more commonly referred to as Conference of the Parties of the UNFCCC, or COP27, that it is ready to step up financing of action to tackle Climate Change and Global Warming, but wealthy donor countries should pay more money to do so.
Axel van Trotsenburg requested money during COP27
Axel van Trotsenburg the World Bank's managing director of operations, made his comments during the Conference of the Parties of the UNFCCC, or COP27, that is the 27th United Nations Climate Change conference in Egypt after criticism has grown of the bank's efforts to mobilise sufficient support for developing and poorest countries to shift to clean energy.
He affirmed during COP27 that there is no money going to sub-Saharan Africa and he would like to challenge everybody to do more." by giving fresh funding to subsidize developing and poorest countries.
The World Bank is the world's biggest multi-lateral lender
The World Bank, world's biggest multi-lateral lender, tries hard to make a "decisive contribution" to further supply climate finance, but this relies on additional support from member countries, among them Britain, Germany and the United States as without financial resources, you cannot make anything.
Axel van Trotsenburg states during COP27 that people need financial support from the international community, including the multilateral development banks, and the World Bank agree with them, so what it is a must to define the ambition, and how much are developed countries ready to pay?
In the fiscal year 2022, the World Bank Group provided $31.7 billion in climate finance to countries, its highest total to date, but the bank still faces growing scrutiny for its record on climate change, including lack of a timeline for phasing out financing of fossil fuels and not leveraging enough private capital for each development dollar the Bank paid.
David Malpass faced more criticism
World Bank President David Malpass faced more criticism in last September When he refused to say at an event hosted by the New York Times if he accepts the scientific consensus on climate change, however, he later amended his remarks by saying it is clear greenhouse gas emissions are causing climate change.
Malpass's remarks fuelled further calls for a broader overhaul of post-World War II international financial systems to free up more cash for developing countries to invest in cutting emissions without being suffering from more high-interest loans.
The World Bank gets cash from wealthy nations
The World Bank uses cash from wealthy nations, especially, the United States, its largest shareholder, to offer loans and grants to poorer countries - offering a major route for climate finance to the developing world.
The U.S. is working closely with the World Bank as it races to meet a year-end deadline for developing and implementing reforms aimed at boosting the bank's lending capacity as its staff are vigilant and confident to engage robustly and continue to do their best to implement demanded reforms but Van Trotsenburg gave no figure for how much money could be freed up for more lending for .these reforms
