Lawmakers In The US Call Upon The World Bank To Boost Fundings For Climate Initiatives
A group of American lawmakers approached the President of the World Bank, Ajay Banga, to increase their investments regarding climate projects while citing the successful expansion of India’s solar industry. The group also called upon the bank to outline its climate finances and refrain from investing in fossil fuel projects.
While citing the successful expansion of India’s solar projects, a group of America’s top lawmakers has asked the President of the World Bank, Ajay Banga, to increase investments regarding climate projects.
The lawmakers mentioned in their letter to Banga, “We are heartened to see that you recognize the urgency of this problem and hope that the bank will lead a coordinated and robust response to these challenges.”
Senators Brian Schatz, Martin Heinrich, Sheldon Whitehouse, and Peter Welch, along with Congressman Katie Porter, had signed the said letter.
The letter also mentioned, “It is imperative that the World Bank increases investment in projects that advance climate adaptation and mitigation goals, provide clear and transparent metrics on what projects the bank funds to meet these goals, and effectively leverage private resources to expand the reach of these climate efforts.”
Banga was urged by the lawmakers to anchor the new Country Climate and Development Reports while guiding lending guiding decisions while prioritizing mitigation and adaptation changes while combining climate changes, development priorities, and resilience.
“We also encourage the bank to build upon the range of successful climate projects over recent years like the expansion of the Indian solar industry, the development of climate-smart agriculture in Uruguay and the efforts to expand electrification in the parts of Kenya.” the lawmakers said.
“Additionally, while the World Bank increases climate financing, it must stop investing in fossil fuel projects. Fossil fuel investments still totaled more than USD 14.8 billion since the adoption of the Paris climate agreement in 2015; though, this amount has been falling over time. Aggressive action to bring this total to zero is needed immediately so that the bank does fund the irresponsible creation of these stranded assets that will be left behind by the transition away from fossil fuels.” the lawmakers also added.