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The world-first climate "loss and damage" fund is set to be launched during the United Nations COP28 climate summit to be held Nov. 30-Dec. 12 in Dubai in the United Arab Emirates. "The Commissioner is ready to announce substantial financial contribution by the EU and its member states to the loss & damage fund at COP28 in the context of an ambitious outcome at COP28," the European Commission and the UAE's incoming COP28 president said in a joint statement, referring to EU Climate Commissioner Wopke Hoekstra. Adnan Amin, CEO of the COP28 summit, said the aim was to secure several hundred million U.S. dollars for it by the end of the event. He said he was "hopeful" that the COP28 host, the UAE, would also make a contribution. Countries agreed at last year's U.N. climate talks to launch the climate damage fund, a deal hailed as a breakthrough by more vulnerable, developing nations that have long demanded support to cope with climate-driven damage from drought, floods and rising seas.

Persons: Stephanie Lecocq, Wopke Hoekstra, Adnan Amin, Amin, John Kerry, Washington, Kate Abnett, Bart Meijer, Gareth Jones, Mark Heinrich Our Organizations: Environmental, Republique, New Global Financial, REUTERS, Rights, European Union, United, EU, European Commission, Finance, Reuters, Bloomberg, Economy, Thomson Locations: Paris, France, Rights BRUSSELS, United Nations, Dubai, United Arab Emirates, COP28, EU, UAE, Singapore

Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin. So far, shareholders profited as the share price more than doubled since early 2021 when activist investors publicly pushed for changes. Big Oil is responsible for the bulk of human-induced greenhouse gas emissions and pressure for action is building. "Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal. Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.

Persons: Olaf Scholz, Exxon Mobil's, Jim Rossman, that's, Andrew Logan, tussles, Mark van Baal, Charlie Penner, Ceres, Logan, Marguerita Choy Organizations: Environmental, Exxon, Republique, New Global Financial, Big Oil, Energy, Natural Resources, Pioneer, Barclays, Oil, Public, International Energy Agency, Investors, Ancora, Holdings, Algonquin Power & Utilities, Elliott Investment Management, NRG Energy, Smart, Thomson Locations: Paris, France, BOSTON, Ukraine

☆ Billie Eilish's journey celebrated in new comic book
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

Billie Eilish smiles from the stage during the "Power Our Planet: Live in Paris" concert at the Champ de Mars on the sidelines of the Summit for a "New Global Financial Pact" in Paris, France, June 22, 2023. REUTERS/Stephanie Lecocq/File Photo Acquire Licensing RightsOct 5 (Reuters) - She is only 21 but Billie Eilish already has a comic book published about her life, highlighting her journey from young dancer to Oscar-winning songwriter. In the 22-page comic book, readers will learn about Eilish's transition from dance to music and the collaboration process with her brother Finneas. The comic will be released on Oct. 10 in digital and print formats. Reporting by Alicia Powell; Editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Billie Eilish, de Mars, Stephanie Lecocq, Oscar, Finneas, Alicia Powell, Diane Craft Organizations: Summit, Global, REUTERS, TidalWave, Thomson Locations: Paris, France

☆ Nigeria's Tinubu offers wage increase ahead of labour strike
▼ + stars: | 2023-10-01 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Tinubu scrapped a decades-old subsidy during his inauguration in May and ended foreign exchange restrictions, which has led to soaring cost of living and angered unions. In a national broadcast marking 63 years of independence, Tinubu defended the reforms as necessary to put Africa's biggest economy on the path to recovery. That would take the minimum wage in Nigeria to 55,000 naira ($71) from 30,000 naira. But labour unions want Tinubu to reinstate the fuel subsidy and had previously demanded a minimum wage of 200,000 naira.

Persons: Bola Tinubu, Lewis Joly, Tinubu, Tinubu's, Felix Onuah, MacDonald Dzirutwe, Daniel Wallis Organizations: New Global Financial, Rights, Sunday, Thomson Locations: Nigeria, Paris, France, Rights ABUJA

Saudi Crown Prince Mohammed bin Salman smiles during the New Global Financial Pact Summit at the Palais Brongniart in Paris, on June 22, 2023. Ludovic Marin | AFP | Getty ImagesSaudi Crown Prince Mohammed bin Salman said the prospect of normalizing relations with Israel is getting closer by the day, but signaled that the treatment of Palestinians remains a clinching point. Prince Mohammed dismissed reports that the two countries had suspended talks and acknowledged progress in negotiations. "Every day we get closer," he said in an Fox News interview aired on Wednesday — a rare sit-down with a Western media outlet for the Saudi crown prince. The two leaders agreed to work toward securing diplomatic ties between Saudi Arabia and Israel.

Persons: Prince Mohammed bin Salman, Ludovic Marin, Prince Mohammed, Joe, Abraham, Donald Trump, Benjamin Netanyahu, Biden, Netanyahu Organizations: New Global Financial, Palais, AFP, Getty, Saudi, Fox News, Israel, United, Wednesday, United Nations Locations: Saudi, Paris, Israel, Riyadh, Bahrain, United Arab Emirates, Sudan, Morocco, Washington, New York, Saudi Arabia

☆ IMF, World Bank to decide Monday on October meetings in earthquake-hit Morocco
▼ + stars: | 2023-09-15 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Questions have swirled over whether the IMF and World Bank would still hold their annual meetings in Morocco's tourist hub of Marrakech since a devastating, 6.8-magnitude earthquake struck in the High Atlas Mountains, killing more than 2,900 people. Marrakech, 45 miles (72 km) from the quake's epicenter, suffered some damage in its ancient Medina quarter, but Moroccan officials have pressed the IMF and World Bank to proceed with the gathering, which would bring some 10,000-15,000 to the city. "The Moroccan authorities are fully committed to the meetings," Georgieva said in her first public comments on the matter since the disaster. In describing discussions with Moroccan Prime Minister Aziz Akhannouch, Georgieva expressed concern that the IMF and World Bank "don't want to be a burden" to the country as it deals with recovery efforts. Morocco also has access to a $5 billion flexible creditline from the IMF, approved in April, that is aimed at strengthening the countries' crisis prevention capabilities.

Persons: Kristalina Georgieva, William Ruto, Emmanuel Macron, Janet Yellen, Ajay Banga, Georgieva, Aziz Akhannouch, Andrea Shalal, David Lawder, Chris Reese, Diane Craft Organizations: International Monetary Fund, Treasury, World Bank, New Global Financial, Monetary Fund, Bank, Reuters, IMF, Sustainability Trust, Moroccan, World, IMF's, Thomson Locations: Kenya, U.S, Paris, WASHINGTON, Morocco, Marrakech, Medina

☆ Nigerian election tribunal to decide if Tinubu stays as president
▼ + stars: | 2023-09-06 | by ( Camillus Eboh | ) www.reuters.com time to read: +2 min

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS Acquire Licensing RightsABUJA, Sept 6 (Reuters) - Nigeria's presidential election tribunal is due to rule on Wednesday on whether Bola Tinubu should stay as president after two rivals challenged his victory in February's disputed vote. There have been numerous legal challenges to the outcome of previous Nigerian presidential elections but none have succeeded. The tribunal, which will deliver its ruling in the capital Abuja, has the power to cancel an election and order a fresh one, among other remedies. Tinubu, who is in India ahead of a G20 Summit, has defended his victory and says he is focused on reviving the economy.

Persons: Bola Tinubu, Lewis Joly, Bola, February's, Atiku Abubakar, Peter Obi, Atiku, Obi, Muhammadu Buhari, MacDonald Dzirutwe, Alison Williams Organizations: New Global Financial, REUTERS Acquire, Rights, Tinubu's, People's Democratic Party, Labour, Thomson Locations: Nigeria, Paris, France, Rights ABUJA, Abuja, India

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo Acquire Licensing RightsNEW DELHI, Sept 6 (Reuters) - Nigeria has secured nearly $14 billion of pledges from Indian investors and seeks an economic cooperation pact with the South Asian nation, a presidential spokesperson said on Wednesday. Skipperseil Ltd's founding Chairman Jitender Sachdeva and India's Bharti Enterprises each pledged $1.6 billion over four years to build power generation plants and $700 million in Nigeria, respectively, Ngelale said. Tinubu is attending at the invitation of India, which currently holds the rotating presidency of the bloc. "We are ready to give you the best returns for investment possible, there's nowhere else like our country," Tinubu said in the statement.

Persons: Bola Tinubu, Lewis Joly, India's Jindal, Ajuri Ngelale, Skipperseil, Jitender Sachdeva, Ngelale, Tinubu, Nidhi Verma, Felix Onuah, Elisha Bala, Shivam Patel, Christina Fincher, Richard Chang Organizations: New Global Financial, South, India's Jindal Steel, Indorama Corp, India's Bharti Enterprises, Defence Industries Corporation, Thomson Locations: Nigeria, Paris, France, DELHI, West, New Delhi, India, Africa's, South Africa, Abuja

☆ Nigeria mulls G20 bloc membership, president to attend summit in India
▼ + stars: | 2023-09-03 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

President Bola Tinubu will leave on Monday to attend the G20 summit in India at the invitation of Prime Minister Narendra Modi, spokesperson Ajuri Ngelale said. "While Nigeria's membership of the G-20 is desirable, the government has embarked on wide-ranging consultations with a view to ascertaining the benefits and risks of membership," Ngelale said in a statement. Tinubu's attendance was in part to further Nigeria's membership objective, he said. On Friday, Ngelale said Tinubu will attend the G20 summit to try to promote foreign investment in Nigeria and mobilize global capital to develop infrastructure. Tinubu will attend the summit with some of his cabinet members including foreign affairs, finance and trade ministers.

Persons: Bola Tinubu, Lewis Joly, Narendra Modi, Ajuri Ngelale, Ngelale, Tinubu, Felix Onuah, Chijioke Ohuocha, Andrew Cawthorne, Angus MacSwan Organizations: New Global Financial, Rights, Thomson Locations: Nigeria, Paris, France, Rights ABUJA, India, South Africa

☆ Nigeria's Tinubu to attend G20 summit in India to promote investment
▼ + stars: | 2023-09-01 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo Acquire Licensing RightsABUJA, Sept 1 (Reuters) - Nigeria's President Bola Tinubu plans to attend the G20 summit in India this month to try to promote foreign investment in Africa's largest economy and mobilize global capital to develop infrastructure, his spokesman said on Friday. The summit in India will hold on Sept 9 and 10. Ngelale said Tinubu will meet leaders from Brazil, India, South Korea and Germany on the sidelines of the G20. Tinubu also plans to meet Indian executives, including Jindal Steel and Power Company, among others, Ngelale said.

Persons: Bola Tinubu, Lewis Joly, Tinubu, Ajuri Ngelale, Ngelale, India's Bharti, Joe Biden, Felix Onuah, Chijioke Ohuocha, Cynthia Osterman Organizations: New Global Financial, Rights, Jindal Steel, Power Company, India's, India's Bharti Airtel, U.S, United Nations General Assembly, Thomson Locations: Nigeria, Paris, France, Rights ABUJA, India, West African, Brazil, South Korea, Germany, Africa, New York

☆ IMF managing director to meet leaders in China, go to Indonesia, India
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva attends in a round table to discuss global economy during the New Global Financial Pact Summit at the Palais Brongniart in Paris, France June 22, 2023. Ludovic Marin/Pool via REUTERS/File Photo Acquire Licensing RightsBEIJING, Aug 29 (Reuters) - International Monetary Fund Managing Director Kristalina Georgieva will visit China from Wednesday to meet with top leaders, before travelling to Indonesia and India for ASEAN and Group of 20 summits, an IMF spokesperson said on Tuesday. "During Aug. 30 to Sept. 3 the Managing Director will be visiting China to engage in bilateral discussions with China's senior leadership team," they said. Last month, the IMF raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were curtailing the medium-term outlook. Georgieva will be in Jakarta from Sept. 4 to Sept. 7 and New Delhi from Sept. 8 to Sept. 10, the spokesperson added.

Persons: Kristalina Georgieva, Ludovic Marin, China's, Georgieva, Joe Cash, Jacqueline Wong Organizations: International Monetary Fund, New Global Financial, Palais, Rights, Monetary Fund, China, ASEAN, Group, Association of Southeast Asian Nations, Fund, Thomson Locations: Paris, France, Rights BEIJING, Indonesia, India, China, Jakarta, New Delhi

☆ France's Macron says leaders finalised accord on $100 bln in climate finance
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

Emmanuel Dunand/Pool via REUTERSPARIS, June 23 (Reuters) - Wealthy nations finalised an overdue $100-billion climate finance pledge to developing countries on Friday and created a fund for biodiversity and the protection of forests, France's president said. The $100 billion falls far short of poor nations' actual needs, but has become symbolic of wealthy countries' failure to deliver promised climate funds. This has fuelled mistrust in climate negotiations between countries attempting to boost CO2-cutting measures. Of the $100 billion in SDRs to be rechannelled, Washington has yet to pass legislation to release its share, worth more than one fifth of the total. U.S. Treasury Secretary Janet Yellen said that it was a priority for the Biden administration to get approval in Congress.

Persons: Emmanuel Macron, Emmanuel Dunand, Macron, Janet Yellen, Biden, Leigh Thomas, John Irish, Toby Chopra Organizations: Alliance, Entrepreneurship, New Global Financial, Palais, REUTERS, World Bank, United Nations, Bank, International Monetary Fund, U.S, Treasury, Thomson Locations: Paris, France, REUTERS PARIS, Africa, Washington

☆ Rich nations pledge to unlock hundreds of billions of dollars for climate fight
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: +2 min

World leaders and finance leaders attend the closing session of the New Global Financial Pact Summit, in Paris on June 23, 2023. The leaders, gathered at a summit in Paris to thrash out funding for the climate transition and post-COVID debt burdens of poor countries, said their plans would secure billions of dollars of matching investment from the private sector. An overdue pledge of $100 billion in climate finance for developing nations was also now in sight, they said. The announcements mark a scaling up of action from the development banks in the fight against climate change and set a direction for further change ahead of their annual meetings later in the year. However, some climate activists were critical of the results.

Persons: Lewis Joly, LEWIS JOLY, Janet Yellen, Harjeet Singh Organizations: New Global Financial, Getty Images, Bank, World Bank, International Monetary Fund, Reuters, U.S, IMF, Paris Summit, Climate Action Locations: Paris

☆ Premier Li urges China and Europe to 'rise above differences' at Paris summit
▼ + stars: | 2023-06-23 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +1 min

[1/2] Chinese Premier Li Qiang arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. "China will unequivocally reject trade protectionism and all forms of decoupling and severing of supply chains," Li said on the final day of the two-day summit, adding that China would continue to take practical steps to support its fellow developing countries. "China is ready to be engaged in debt relief efforts in an effective, realistic and comprehensive manner in keeping with the principle of fair burden sharing," Li said. During the summit, Zambia struck a deal to restructure $6.3 billion in debt owed to other governments, including China, its largest official creditor. Reporting by Casey Hall Editing by Christina Fincher & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Read, Li, Casey Hall, Christina Fincher, Simon Cameron, Moore Organizations: New Global Financial, Thomson Locations: Paris, France, SHANGHAI, China, Europe, Zambia

Leaders are set to back a push for multilateral development banks like the World Bank to put more capital at risk to boost lending, according to a draft summit statement seen by Reuters. Citing the war in Ukraine, climate crisis, a fledgling pandemic recovery, widening disparity and declining progress, Banga said it was time the World Bank adopted a new vision. The summit aims to create multifaceted roadmaps that can be used over the next 18-24 months, ranging from debt relief to climate finance. Wealthy nations have yet to come good on climate finance that they promised as part of a past pledge to mobilize $100 billion a year, a key stumbling block at global climate talks. Though binding decisions are not expected, officials involved in the summit's planning said some strong commitments should be made about financing poor countries.

Persons: Ajay Banga, Banga, Mia Mottley, John Irish, Philippa Fletcher Organizations: Glasgow, Summit, New Global Financial, World Bank, United Nations, Bank, Reuters, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, International Maritime Organization, Thomson Locations: Paris, France, PARIS, Africa, Ukraine, Banga, Bridgetown, French

☆ Billie Eilish, Lenny Kravitz perform at concert tied to Paris summit
▼ + stars: | 2023-06-22 | by ( Yiming Woo | ) www.reuters.com time to read: +2 min

[1/4] Billie Eilish and Finneas O'Connell perform during the "Power Our Planet: Live in Paris" concert at the Champ de Mars on the sidelines of the Summit for a "New Global Financial Pact" in Paris, France, June 22, 2023. REUTERS/Stephanie LecocqPARIS, June 22 (Reuters) - Singers including Billie Eilish and Lenny Kravitz, politicians and activists took to the stage in Paris on Thursday at a concert calling for action on climate change and inequality as world leaders met at the Summit for a New Global Financing Pact. During his set, Kravitz told the crowd: "I want us all to be part of the solution, not the problem". The concert took place amid the gathering of some 40 leaders seeking to give impetus to a new global finance agenda. Reporting by Yiming Woo; Additional reporting by Marie-Louise Gumuchian; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Billie Eilish, Finneas O'Connell, de Mars, Stephanie Lecocq PARIS, Lenny Kravitz, Michelle Yeoh, Eilish, de, Kravitz, Jon Batiste, H.E.R, Diane Kruger, Connie Britton, Yiming Woo, Marie, Louise Gumuchian, Cynthia Osterman Organizations: Summit, Global, REUTERS, Pact, Global Citizen, World Bank, Paris, International Monetary Fund, Thomson Locations: Paris, France, Brazil, Kenya, Barbados

☆ Greta Thunberg says France targeting climate activists
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

[1/4] Climate activist Greta Thunberg speaks during the debate "Activism moves the lines. Conversations on the power of activism", on the sidelines of the New Global Financial Pact Summit, in Paris, France, June 22, 2023. REUTERS/Guillaume SaligotPARIS, June 22 (Reuters) - Swedish climate activist Greta Thunberg said on Thursday that campaigners were being "systemically targeted with repression" in France, where she attending a finance summit. "We are seeing extremely worrying developments where activists all over the world are experiencing increased repressions just for fighting for our present and our future," the 20-year-old Thunberg said. "For example, here in France just the other day," she added.

Persons: Greta Thunberg, Guillaume Saligot PARIS, Thunberg, Les, wasn't, Richard Lough, Mark Potter Organizations: New Global Financial, REUTERS, Thomson Locations: Paris, France

☆ Shipping tax could yield $100 bln climate windfall
▼ + stars: | 2023-06-12 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

TINOS, June 12 (Reuters Breakingviews) - The shipping industry emits 2.9% of the world's greenhouse gases. Reuters Graphics Reuters GraphicsPOLLUTER PAYSThe shipping industry uses fossil fuels to power its boats. That said, industry leaders such as container giant Maersk (MAERSKb.CO) are moving into green shipping. This potentially large sum is attracting the attention of people outside the shipping industry, especially those focused on climate change. If a country refused to apply an agreed tax, the international shipping industry would effectively be unable to operate from its ports.

Persons: TINOS, Emmanuel Macron’s, Tristan Smith, Marshall, UCL’s Smith, Al Qaeda, Peter Thal Larsen, Thomas Shum Organizations: Reuters, International Maritime Organisation, United Nations, European Union, EU, Reuters Graphics Reuters, University College London, Shipping, Climate Fund, World Bank, International Chamber of Shipping, Marshall, Al, Trade Center, Thomson Locations: Paris, Danish, Marshall

☆ Brazil's president Lula to come to Paris on June 22-23-Macron's office
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: 1 min

PARIS, June 3 (Reuters) - Brazilian President Luiz Inacio Lula da Silva will visit Paris on June 22 and 23, the office of French President Emmanuel Macron said on Saturday. The leaders will meet as part of the "Summit for a New Global Financial Pact", which will tackle reform of multilateral development banks (MDB), the debt crisis, financing for green technologies, the creation of new international taxes and financing instruments, and special drawing rights. Reporting by Mimosa Spencer; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Emmanuel Macron, Mimosa Spencer, Toby Chopra Organizations: Paris, New Global, Thomson

☆ Ahead of financing summit, France lobbies G7 over Africa debt, climate impact
▼ + stars: | 2023-05-20 | by ( John Irish | ) www.reuters.com time to read: +2 min

France will host on June 22-23 the "Summit for a New Global Financial Pact", which will tackle reform of multilateral development banks (MDB), the debt crisis, financing for green technologies, the creation of new international taxes and financing instruments, and special drawing rights. "It's urgent for us to act and rethink collectively the international financing architecture," a French presidential official said, adding that Paris had lobbied its G7 partners ahead of next month's conference. "Today we have a network of development banks in the world which finance international solidarity and which find themselves limited in their capacity to act." "Africa is heavily indebted and we are paying the price of crises that have followed, including now the Ukraine crisis, so the G7 has a responsibility," one French official said. Wealthy nations have yet to come good on climate finance that they promised as part of a past pledge to mobilize $100 billion a year, a key stumbling block at global climate talks.

☆ World Bank's new boss must push ahead on reforms, fight poverty-French minister
▼ + stars: | 2023-04-13 | by ( David Lawder | ) www.reuters.com time to read: +3 min

"That means the poorest countries and their populations have to remain at the center of the agenda of the World Bank and of all of us." DE-RISKING INVESTMENTSZacharopoulou said that there was a major focus on bringing in private sector funds to scale up climate financing to the vast amounts needed to meet emissions reduction goals. We can use the public money to de-risk but the private sector has to come," she said. Banga was a "good match" for the World Bank job, with strong private sector finance and management experience. Zacharopoulou said Banga would be able to build on the work of World Bank staff who advanced the bank's initial reform steps in just six months.

☆ World Bank steering committee, Yellen urge more reforms at lender this year
▼ + stars: | 2023-04-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

"They expect the Board of Executive Directors and World Bank Group management to finalize a work plan with detailed actions to be taken," the committee's chair said in a statement. Members underscored their commitment to "ensuring that the World Bank Group has adequate financial capacity to respond to development challenges and support its expanded mission." Yellen said upcoming events could be leveraged to keep momentum strong for the evolution of the World Bank. Malpass told the committee he felt the bank had responded with "vigor and speed" to Yellen's call for reforms. Development Committee members thanked Malpass for his leadership of the WBG during a historically challenging period, including an unprecedented surge in financing in response to multiple crises.

☆ Yellen pushes for 'bold action,' more reforms at World Bank this year
▼ + stars: | 2023-04-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 12 (Reuters) - U.S. Treasury Secretary Janet Yellen on Wednesday called for the World Bank to implement further reforms this year to expand its ability to help developing countries meet global challenges such as climate change. Yellen said the changes already approved had sharpened the mission of the World Bank to ensure it was striving to end extreme poverty, boost shared prosperity and build resilience, but more progress and "bold action" was needed. Yellen said the changes were aimed at enhancing the bank’s work so it could better meet 21st century challenges like climate change, fragility and pandemics. Yellen gave no specifics, but said upcoming events could be leveraged to keep momentum strong for the evolution of the World Bank. Outgoing World Bank President David Malpass, who will leave his post on June 1, said the bank had responded with "vigor and speed" to Yellen's call for reforms.

The key to it all, of course, is money, and as organized and funded now, the World Bank would be stretched to meet those goals. He also serves on the advisory board of Beyond Net Zero, a climate finance fund. This will be especially difficult for the World Bank's top shareholder, the United States, due to political brawling between the Biden administration and the Republican-majority House of Representatives. The House has major sway over the country's purse strings and its leaders are not disposed to widen the World Bank's role in fighting climate change. In fiscal 2022, the World Bank committed more than $104 billion to projects around the globe, according to the bank's annual report.

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