MIL-OSI Translation: World Bank Group and IMF step up joint efforts to boost climate action

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MIL OSI Translation. Government of the Republic of France statements from French to English –

Source: IMF in French

May 31, 2024

Washington. The World Bank Group and the International Monetary Fund are expanding their collaboration through a strengthened framework to help countries step up their actions to address the threat of climate change.

Cooperation between the two institutions will provide essential support to national climate strategies, through an integrated and country-led approach to prioritized climate actions and investments. Within their respective mandates, the World Bank Group and the IMF will leverage their analytical work, technical assistance, financing and expertise to improve country-led reform plans.

Three principles will underpin this framework:

First, countries, the World Bank Group and the IMF will work closely to identify each country’s climate challenges and the priority reforms to adopt to address them. This process will draw on the World Bank Group’s national climate and development reports, IMF climate analyzes and countries’ ambitions in this regard. Second, the World Bank Group and the IMF will work with other multilateral development banks and development partners to help countries implement necessary reforms by providing technical assistance and financing. Third, upon request, the World Bank Group and the IMF will help establish country-run platforms designed to mobilize additional climate finance, including from the private sector.

The strengthened framework will draw on lessons accumulated since the publication of the joint statement on strengthening collaboration between the IMF and the World Bank in September 2023.

This strengthened collaboration between the two institutions will promote country-led partnerships, galvanize the modification of existing policies and increase investments to meet the needs of countries linked to the climate issue. This joint effort will also maximize additional resources that institutions want to dedicate to climate action and attract additional funding from development partners and the private sector.

The World Bank Group intends to step up its climate action with new measures, including devoting 45% of its annual financing to adapting to climate change and mitigating its effects. by 2025, working to provide energy from renewable sources to 250 million people in Africa by 2030, and expanding its range of crisis instruments to support people on the front lines experiencing the climate crisis. The World Bank has also optimized its balance sheet and is raising funds to ensure a large-scale replenishment of IDA resources and create the new Liveable Planet Fund.

The IMF helps countries build resilience to climate change with its Resilience and Sustainability Trust Fund (RSTF), financed by generous contributions from 23 countries. Since its launch in October 2022, 18 countries have already benefited from the FFRD. The enhanced framework for collaboration between the World Bank Group and the IMF is expected to further increase the impact of SDRs channeled through the FFRD.

Contacts:

World Bank Group: David Theis, 202-203-0601, dtheis@worldbankgroup.org

International Monetary Fund: Huong Lan Vu, 202 623-7100, hlanvu@imf.org

IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Huong Lan Vu

PHONE: 1 202 623-7100 EMAIL: MEDIA@IMF.org

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

MIL Translation OSI