Axel van Trotsenburg, Senior Managing Director, addressed the V20 Ministerial Dialogue XIII, emphasizing four key elements crucial to tackling the climate crisis and fostering sustainable growth. He began by highlighting the importance of solid national policies as foundational for building climate ambition. "They can set a clear direction of travel to redirect subsidies to be more effective," he stated.
Trotsenburg pointed out that the World Bank is already supporting over 37 countries with technical support and financing to enhance their Nationally Determined Contributions (NDCs). Through Country Climate and Development Reports (CCDRs), robust analysis is provided to help governments identify strategies and operationalize key priorities. To date, CCDRs have been published for 59 countries.
The second element discussed was financing. Trotsenburg noted that while financing needs are in the trillions, concessional resources are particularly needed for lower-income countries. The World Bank Group (WBG) plans to add $150 billion over the next decade through various measures. "The WBG delivered a record $42.6 billion for climate," he mentioned, committing at least 45% of annual financing to climate action this year.
He also highlighted collective efforts by Multilateral Development Banks (MDBs), which delivered $125 billion in climate finance last year, with significant portions directed towards low- and middle-income countries.
Collaboration and partnerships formed Trotsenburg's third point. He emphasized working with other MDBs on common indicators and frameworks for measuring climate results. Efforts include providing electricity access in Africa with ADB and restoring the Amazon with IaDB.
Finally, knowledge and innovation were underscored as crucial elements underpinning these efforts. Trotsenburg introduced a new Knowledge Compact alongside departments focused on learning, innovation, and outcomes. "We know that...fresh ideas and innovations can drive and deliver transformative global solutions," he concluded.