World Bank Group and IMF Deepen Joint Effort to Scale Up Climate Action

The World Bank Group (WBG) and the International Monetary Fund (IMF) are enhancing their cooperation to scale up climate action globally. This partnership will support countries' climate strategies through an integrated, country-led approach to policy reforms and climate investments.

The framework is built on three principles: identifying each country's climate challenges, collaborating with Multilateral Development Banks and partners for technical assistance and financing, and establishing platforms to mobilize additional climate finance.

This initiative aims to foster country-driven partnerships, promote policy changes, and increase investments to address climate needs. The WBG plans to allocate 45 percent of its annual financing to climate action by 2025, while the IMF supports resilience-building through its Resilience and Sustainability Trust.

(WBJ)