Notes from a meeting on the financial system and sustainable development during the World Bank/IMF spring meetings.
The World Bank group supports the growth of the green bond market through the IBRD and the IFC to “catalyse the market through strategic issuances of green bonds based on their triple-A ratings.”
World Bank continues to promote putting a price on carbon as a key policy to tackle climate change while critics say it is just a new way of promoting failed carbon markets.
Latest update on the World Bank-housed Climate Investment Funds ahead of their November meetings. Covers key trends in projects related to clean technology, resilience to climate change, forests and renewable energy.
Clean Technology Fund (CTF) funding approvals continue to rise, including private sector projects for geothermal energy. Revisions for investment plans were approved for Nigeria and the MENA region, with Libya added as a new country.
Funding shortfalls are predicted for the Pilot Program for Climate Resilience (PPCR), as ideas for potential new funding are due to be discussed.
Disbursement of funds continues to be slow in the Forest Investment Program (FIP). The World Bank has responded to civil society groups’ criticism over the lack of consultation for FIP plans in Indonesia.
Fourteen new countries were accepted to the Scaling up Renewable Energy Program in Low Income Countries (SREP). Programme implementation continues to be slow, with expected co-financing often dropped.
This week, the Green Climate Fund (GCF) gathers in Barbados for the eighth meeting since its inception.
World Bank continues to strongly back REDD+ forest projects, which have been criticised for not consulting indigenous peoples or respecting land rights.