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IMF and World Bank step up collaboration to advance climate action

June 02, Colombo (LNW): The International Monetary Fund (IMF) and the World Bank Group announced on Friday an intensified collaborative effort aimed at reinforcing climate action.

This joint endeavour involves the implementation of an enhanced framework tailored to assist nations in amplifying their response to the pressing challenge of climate change.

In a joint statement, the institutions outlined that this collaboration will furnish vital backing for countries’ climate strategies, operating through a cohesive, nation-led strategy encompassing policy reforms and climate-related investments.

They underscored that within their respective mandates, the World Bank Group and the IMF will harness their analytical capabilities, technical assistance, financial resources, and policy acumen to augment reform programmes driven by individual countries.

The framework is built upon three fundamental principles: firstly, the identification of each country’s specific climate challenges and the prioritisation of policy reforms essential for addressing them; secondly, collaboration with other Multilateral Development Banks and development partners to aid countries in executing these reforms via technical assistance and financial support; and thirdly, the facilitation of country-led platforms aimed at mobilising additional climate finance, including contributions from the private sector.

The World Bank Group has committed to allocating 45 per cent of its annual financing towards climate change adaptation and mitigation by 2025.

It also pledges to extend efforts to provide renewable energy access to 250 million people in Africa by 2030, alongside expanding its crisis toolkit to bolster support for those at the forefront of the climate crisis.

Concurrently, the IMF will play a role in assisting countries in fortifying their resilience to climate change.

This support will be facilitated through the Resilience and Sustainability Trust, which draws funding from contributions made by 23 countries.

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