In previous articles, I've called for a major shift in the multilateral development banking system to enable climate action at the required pace and scale. There is a growing debate about how this should happen, and the MDBs, to their credit, have shown unusual willingness and constructiveness on this issue. The World Bank Group, under President Ajay Banga’s leadership, is one such MDB.
The World Bank also announced a new 50-year financing facility for cross-border projects, that I think is a very good step to support electricity transmission projects, water management projects and similar high impact infrastructure. A $11 billion commitment was also announced by eleven countries to support sustainable development goals.
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