A pair of influential figures — Treasury Secretary Janet Yellen and Michael Bloomberg — are putting new pressure on the World Bank to act more aggressively on global warming, Ben writes.
What’s news: Yellen, in remarks yesterday at a major think tank, called for the bank to be “bolder and more imaginative” in its approach.
- For instance: “What if we made it easier for cities to gain access to funding for climate-smart urban infrastructure?” she asked at the Center for Strategic and International Studies. Full remarks
Meanwhile, Bloomberg’s out with a new op-ed calling the bank a laggard on climate. I won’t capture the whole thing here, but one point:
- “The World Bank has agreed to direct 35% of its financing to climate-related projects by 2025. That’s a step forward, but not far enough.”
- He also argues the bank should be less risk-averse. “The whole point of a publicly funded bank is to take risks that the private sector would not, to achieve a goal that carries broad public benefits.”
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