Problematic track record on climate and fossil fuel finance means IMF-World Bank collaboration on the Resilience and Sustainability Trust risks repetition of failed policies.
The communiqué for the V20 highlighted multitude of crises facing climate-vulnerable developing countries, with continuing challenges posed by the Covid-19 pandemic and unequally felt climate change impacts now being exacerbated by the spillover effects from the Ukraine war.
G24 finance ministers called for urgent global action to mitigate the effects of rising debt levels in emerging economies, and rising global food, energy and commodity prices.
RST must support low- and vulnerable middle-income countries to recover from the pandemic and tackle economic and climate-related structural challenges.
World Bank trust fund ESMAP will provide support for domestic market, while IFC will support private sector investment in CCUS.
Climate-for-debt swaps mechanism proposed by IMF fails to materialise, while rich countries' climate finance commitments remain unmet.
UN official and civil society criticise World Bank and other MDBs for lack of ambition at COP26.
New briefing by ActionAid USA and the Bretton Woods Project highlights research showing that IMF policy advice has undermined a just energy transition since the Paris Agreement was signed.