Posted on 12/01/2023 8:25:21 AM PST by Oldeconomybuyer
DUBAI (Reuters) -World Bank President Ajay Banga said on Friday the development lender will devote 45% of its annual financing to climate-related projects by 2025, up from a target of 35%, and extend debt repayment pauses following climate disasters.
Banga made the announcements at the COP28 climate conference in Dubai as the next steps in a broad overhaul of the World Bank to better respond to climate change and other global crises.
"We're putting our ambition in overdrive and putting to work more than $40 billion per year -- around $9 billion more than the original target," Banga said.
Under the plan, he said that resources would be deployed equally for climate mitigation and adaptation in both the bank's main lending arm, the International Bank for Reconstruction (IBRD) and Development, and its fund for the poorest countries, the International Development Association (IDA).
Banga also said that the World Bank would broaden the scope of Climate Resilient Debt Clauses in its loans to cover all existing World Bank loans for the most vulnerable countries.
The clauses provide for a suspension of repayments in the event of climate-related disasters such as cyclones or floods that can sap countries' resources.
Banga said that such pauses would now cover not only the principal repayments but also debt interest payments, leaving leaders to focus on maintaining access to food, water, power and other recovery efforts.
(Excerpt) Read more at msn.com ...
“INTELLIGENCE” isn’t what it used to be.
Ajay Banga is as scummy as they come.
World Bank another Cold War relic spending taxpayer money that needs to be shut down!
Watermelon lending.
Green (climate) lending on the outside, Red (commie) on the inside.
You don’t need a mask and gun to rob banks anymore.
Ajay Banga sounds like a porn name.
Why would I want to finance a world...especially at today’s rates?
How much of their funding comes from American taxpayers? And what politicians in the US government are getting kickbacks and perks from arranging money for this World Bank 'development lender'? If the FBI and CIA and American press weren't corrupt and 'on the take' we could find out.
A fool and his money are soon parted.
China and India continue to build 250-400 coal fired power plants per year.
The wind and solar power plants do more to harm the environment than Natural Gas and Oil.
There will NEVER be enough "green" electricity to charge the EVs in use in any given year.
Did I mention....THERE IS NO MAN MADE CLIMATE CHANGE!!!
INSANITY PREVAILS!
Brainwashed world bank morons declare war on CO2 plant food.
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