'When every night on the TV news is like a nature hike through the Book of Revelation, that builds demands for meaningful action,' said the former vice president.
According to Malpass, the World Bank allocated $31.7 billion to climate finance in 2021, half of it to strengthen adaptation to extreme weather events. That's a small fraction of the trillions of dollars in green investment the Intergovernmental Panel on Climate ChangeCurrently, there is"unequal access to private capital," with state-owned enterprises often supporting fossil fuel projects, Gore said."That has to be fixed.
But Mr. Kerry said he and others in the administration have been pushing for a broader rethinking of the global approach to climate change and other issues that would allow entities like the World Bank and the International Monetary Fund to act more aggressively. "We need to have major reform, major restructuring" of multilateral development banks, Mr. Kerry said."It's up to us to pull people together and get that reform, and there's a lot of discussion about us doing that right now."
"The presidency of the World Bank has been held by a citizen of the United States, its largest shareholder, since the bank was founded after World War II," the newspaper noted."Mr. Malpass' term runs until 2024 and Mr. Biden wouldn't be able to remove him early, although he could pressure Mr. Malpass to resign or work with other shareholders to get the board of directors to remove him."explained, being the World Bank's biggest shareholder gives the U.S.
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