The World Bank Group and the International Monetary Fund are deepening their cooperation to help countries scale up action to confront the threat of climate changeAccording to a statement on Friday, the collaboration would support countries through an integrated country-led approach to policy reforms and climate investments.
“First, countries, the WBG and the IMF will work together closely to identify each country’s climate challenges and the priority policy reforms needed to address them,” the statement reads.“Second, the WBG and the IMF will work with other multilateral development banks and development partners to help countries implement the reforms through technical assistance and financing.
According to the statement, WBG will devote 45 percent of its annual financing to climate change adaptation and mitigation by 2025.“This enhanced cooperation between the two institutions will foster country-driven partnerships, galvanise policy changes, and scale up investments to meet countries’ climate needs,” the statement reads.