Ten multilateral development banks have agreed on how to make sure their investments meet climate goals. But experts told Climate Home the rules do not go far enough.
As a growing number of developing countries tighten control over carbon markets, MIGA plans to step in to provide political risk insurance and facilitate investments.
Campaigners say the $32m loan to dairy firm Alvoar Lacteos could damage forests in Brazil
At a meeting discussing the World Bank’s stronger focus on climate, Russia has also urged the lender to extend its support for gas projects.
Developing nations have called for a capital increase for the World Bank, while rich nations want to stick to accounting tweaks.
At the World Bank’s spring meeting, US Treasury Secretary Janet Yellen called for the adoption of a reform that would free up funds for climate lending.
The World Bank controls tens of billions of dollars which can make a real difference in the fight against climate change. A coalition of nations is pushing for green reforms.
The International Finance Corporation is closing a loophole that allowed its financial clients to continue funding new coal projects
The World Bank argues the project will accelerate the energy transition in southern Africa, but people facing displacement say their voices are not being heard
The Indian-American businessman is likely to become the bank’s next president, as the US traditionally chooses who leads the institution
India wants the World Bank to lend more money for climate finance, at cheaper rates, in developing countries and will use its G20 chair to push this agenda
The bank plans to relax its lending rules to channel more money into projects tackling climate change – but officials pushing the reform say it is too timid
The bank is under pressure to free up more money to tackle climate change but one expert said this measure does not go far enough
Last year, the World Bank’s president David Malpass refused to accept the scientific consensus on global warming, leading to calls for the US government to push him out
A draft document suggests the bank will broaden its “twin goals” of boosting prosperity and ending extreme poverty to encompass climate action
A group of 10 countries led by the US and Germany have presented the bank’s management with a plan to reform the institution this week
In July, Barbados’ prime minister invited leaders to a retreat to discuss plans to scale-up international finance for the climate frontlines. Now, she’s asking the world for support