At Paris summit, World Bank lays out plans to tackle natural disasters: The World Bank chief will announce a raft of measures on Thursday to aid countries hit by natural disasters, including a pause in payments to the lender, as world leaders gather in…
Citing the war in Ukraine, the climate crisis, a fledgling pandemic recovery, widening disparity and declining progress, Banga said it was time the World Bank adopted a new vision.
“The international financial system is no longer adapted to face financing challenges the world faces today, so this is an opportunity to get everyone around the table,” said a senior French diplomat. Wealthy nations have yet to come good on climate finance they promised as part of a past pledge to mobilise $100bn a year, a key stumbling block at global climate talks.
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