Reported 15 days ago
Multilateral banks are essential for financing climate action, especially for developing countries facing the impacts of climate change, which require substantial funds for adaptation and transitioning to clean energy. These banks, including the World Bank, help provide lower interest loans compared to private lenders, making climate projects more feasible. Despite some progress, they continue to fund fossil fuel projects, raising concerns about their commitment to truly sustainable practices. As climate discussions intensify globally, there is an urgent call for these institutions to focus more on renewable energy and adequately support climate finance needs.
Source: YAHOO