New World Bank Chief Hails COP Momentum as Climate Pledges ... - Bloomberg
World Bank Chief Ajay Banga Hails COP28 Momentum as Climate Pledges Mount - Bloomberg
New World Bank Chief Hails COP Momentum as Climate Pledges Mount
- Bank is putting $40 billion in annual climate finance to work
- Banga says he’s keen to restore credibility of carbon markets
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Six months after becoming president of the World Bank, Ajay Banga is seizing all the momentum he can at COP28.
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New World Bank Chief Hails COP Momentum as Climate Pledges Mount
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”