Sumary of UPDATE 1-U.S. Treasury’s Yellen tells development banks to mobilize private capital for climate fight:
- 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.
- “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.
- 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.
- World Bank President David Malpass tweeted that there was “a good discussion of climate change” during the meeting.