In a significant move towards addressing climate change, the World Bank, under President Ajay Banga, announced on Wednesday a substantial reduction in fossil fuel funding while defending its $170 million investment in natural gas as part of its climate strategy. The bank’s reforms could potentially boost its funding capacity to $150 billion over the next decade. However, Banga cautioned that this might not be enough to meet global needs.
The announcement came during the World Bank and International Monetary Fund’s annual meetings in Marrakesh, Morocco, where climate change reforms are being prioritized. Banga, who took over from David Malpass amid queries about his stand on climate change, engaged with civil society and non-governmental organizations about the bank’s transition from fossil fuels since 2019 and its cessation of direct coal plant funding since 2010 from a total commitment of $120 billion.
Read more: investing.com