Sumary of US Treasury's Yellen tells development banks to mobilise private capital for climate fight:
- US Treasury Secretary Janet Yellen will reconvene the group ‘to discuss their concrete plans in October’ on the sidelines of the World Bank and International Monetary Fund annual meetings.
- — Reuters pic WASHINGTON, July 23 ― US Treasury Secretary Janet Yellen told the heads of the World Bank and other multilateral development banks yesterday to come up with concrete plans to mobilise significantly more capital to fight climate change and support emission reduction goals.
- The Treasury said in a statement that Yellen, White House climate envoy John Kerry and the heads of the major development banks discussed ways to “maximise” private capital for climate change finance and re-evaluate the banks’ internal incentives and practices toward that end.
- “Secretary Yellen encouraged the MDBs to increase their focus on climate adaptation, particularly through private-sector operations, and to support developing countries in implementing ambitious emissions reduction measures and protecting critical ecosystems,” the Treasury said.
- Yellen will reconvene the group “to discuss their concrete plans in October” on the sidelines of the World Bank and International Monetary Fund annual meetings.