Sumary of U.S. Treasury’s Yellen tells development banks to mobilize private capital for climate fight:
- Article content WASHINGTON — U.S. Treasury Secretary Janet Yellen told the heads of the World Bank and other multilateral development banks on Thursday to come up with concrete plans to mobilize 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 “maximize” private capital for climate change finance and re-evaluate the banks’ internal incentives and practices toward that end.
- Article content “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.
- Among potential initiatives discussed at the meeting were banks’ moving beyond their traditional development finance to help countries develop green bond markets and create “enabling environments” to attract more private climate investments.