Sense of urgency required to tackle intertwined crises of climate, poverty, fragility: World Bank chief

According to him, 45 per cent of the World Bank financing will go towards climate efforts.

Davos: World Bank chief Ajay Banga on Thursday said a sense of urgency can be the only saviour for the world faced with a set of intertwined crises, including that of climate and poverty.

“What we have is an existential climate crisis,” the World Bank President said here during a session at the World Economic Forum Annual Meeting.

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“We cannot think about eradicating poverty without caring about climate. We cannot think about eradicating poverty without caring about healthcare. We cannot think about eradicating poverty without caring about food insecurity and fragility,” he said.

This is the reality and “we have a set of intertwined crises,” Banga said and stressed that a “sense of urgency is our only saviour”.

According to him, 45 per cent of the World Bank financing will go towards climate efforts.

In addition, the Bank has promised to connect 100 million people in Africa to renewable power by 2030, address a misalignment in funding to reduce methane emissions, help small nations absorb the cost of climate catastrophes, and ensure the benefits from carbon markets are felt by communities on the ground.

At the same session, IMF Managing Director Kristalina Georgieva said this sense of urgency must be met by governments, as well as international institutions.

With Nationally Determined Contributions falling around 50 per cent short of where they need to be by 2030, the IMF and its partners need to “breathe down the necks” of governments and encourage them to ramp up their efforts, and redirect funds from fossil fuel subsidies and put them back into climate action, she added.