The World Bank has joined eleven other Multilateral Development Banks (MDBs) to release a statement reflecting their commitment to integrating sustainable procurement into their development operations.
MDBs are also committing to working with partner countries to implement national-level reforms in order to mainstream sustainability into domestic procurement activity. Governments spend US$13 trillion annually, around 15% of global GDP, which highlights the important role public procurement will play in achieving global sustainability goals.
MDBs will work with partner countries to achieve a broad set of sustainability objectives, including achieving the goals set out in the Paris Agreement with a particular focus on decarbonizing supply chains, closing gender gaps, and increasing inclusion.
A working group established between the development banks will work together on several initiatives, focusing on:
- Awareness building, outreach, and partnership
- Building a common approach and identifying opportunities for harmonization
- Training and development within the MDB community and for partner countries
- Monitoring and communicating impact