Africa-Press – Uganda. The International Monetary Fund and the World Bank have warned that climate change is a threat to global peace, security, economic stability, and development.
The joint statement by the two entities comes a day after the African Climate Summit that took place from September 4 – 6 at Kenyatta International Convention Centre in Nairobi Kenya.
“To address this challenge, our institutions need to help all our member countries integrate their climate and development goals. Given the critical nature of this work stream, we will put Bank-Fund collaboration in this area on a more structured and institutionalized footing,” IMF managing director Kristalina Georgieva, and the World Bank President Mr Ajay Banga on stated on September 7.
The updated core mandate of the World Bank puts climate explicitly as one of the core areas of the Bank’s efforts and builds on an ongoing multi-year engagement on climate action and development.
IMF has also adopted a new climate strategy that includes coverage of macro-critical climate issues as part of Article IV consultations and expanded technical assistance in areas where it has specialized expertise.
The two institutions stated that they will further strengthen coordination and focus on results.
“We will formalize the regular meetings of the new Bank-Fund Climate Advisory Group, tasked with ensuring coordination of our climate related work streams,” the statement reads in part.
At the opening of the Africa climate week on September 4, the UN Secretary-General António Guterres said: “Africa accounts for just four per cent of global emissions. Yet it suffers some of the worst effects of rising global temperatures. The people of Africa — and people everywhere — need action to respond to deadly climate extremes. I’m convinced that Africa can be at the heart of a renewable future. Now is the time for all countries to stand as one in defence of our only home.”
For More News And Analysis About Uganda Follow Africa-Press
