World Bank and IMF Urged to Boost Climate Finance and Debt Relief

As global leaders convene in Washington, there is a pressing call for significant reforms in climate finance to tackle economic and environmental challenges.

• Multilateral Development Banks (MDBs) are under pressure to reform and increase climate finance as developing countries face severe financial strains.
• The World Bank and IMF are central to discussions on modernizing financial structures to better address the climate crisis and global economic stability.
• Experts advocate for a substantial increase in climate finance, targeting trillions needed by 2030 to support developing nations.
• Proposed reforms include enhancing private finance mobilization, improving lending terms, and implementing mechanisms to reduce debt burdens.
• The upcoming UN Climate Conference, COP29, is set as a critical milestone for establishing new ambitious financial targets.

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Environmental Defense Fund RFI The Guardian