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The World Bank and IMF Want to Rethink Climate Finance
(To get this story in your inbox, subscribe to the TIME CO2 Leadership Report newsletter here.) The biggest headlines that typically emerge from the spring meetings of the World Bank and International Monetary Fund (IMF)—which are taking place this week in Washington D.C.—tend to focus on the short-term economic outlook, and this year is no exception. The IMF cut its forecast for GDP growth this year and warned of continued economic uncertainty. But I’m here focused on a different story: how the phalanx of economists and policymakers gathered in Washington are working to reorient the Bretton Woods institutions to address climate change. It’s a bold reform program that leaders hope…
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Cathay Financial Holdings, World Climate Foundation’s First Global Strategic Partner in 2023, Aiming to Accelerate Climate Finance Beyond Taiwan
TAIPEI, April 7, 2023 /PRNewswire/ — Cathay Financial Holdings (Cathay FHC) and the World Climate Foundation (WCF) have officially announced the signing of partnership for the third consecutive year. Cathay FHC president Chang-Ken Lee and WCF founder/CEO Jens Nielsen met in an online ceremony to address the importance of climate finance as well as the importance of strengthening collective global efforts and partnerships, in response to the threat of climate change. As WCF’s first committed global strategic partner in 2023, Cathay FHC is continuing its long-running dedication to accelerating and implementing climate finance. Lee emphasized the important role financial institutions play in promoting sustainable economic development through intermediation and risk-management functions,…
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BlackRock CEO Larry Fink walks tightrope on climate investing
Illustration: Sarah Grillo/Axios This year’s chairman’s letter from BlackRock CEO Larry Fink, published Wednesday, gives less emphasis to climate risk and environmental, social and governance (ESG) investments than past letters — but doesn’t play down the substance. Why it matters: As the head of the world’s largest asset manager, Fink’s letters are widely taken as a signal for how the financial community is thinking about certain topics, and how policy makers may need to respond. Driving the news: His latest letter departs from those of the past several years, which focused largely on the need to incorporate climate risk, ESG concerns and broader corporate responsibility issues into how business should…
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What the Silicon Valley Bank collapse means for climate tech
A view of Silicon Valley Bank headquarters in Santa Clara, CA, after the federal government intervened upon the bankâs collapse, on March 13, 2023. Nikolas Liepins | Anadolu Agency | Getty Images Silicon Valley Bank was the go-to bank for startups seeking bankers who understood the startup life and balance sheets. That was especially true for the cohort of startups being built and scaled to address climate change. After a very stressful weekend for many startup founders and investors, banking regulators hatched a plan to backstop SVB’s deposits, ensuring that depositors won’t lose their money. Founded in 1983 specifically to help startups, SVB had a strong and established business in…
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Scaling up Climate Finance for Emerging Markets and Developing Economies
Fantastic afternoon. It is an honor to sign up for you listed here in Luxembourg for the initially ever European Expenditure Lender Group Forum. As we acquire to focus on how we can address the problems of weather adjust, allow me to start with take stock of the broader financial context. We hope 2023 to be yet another complicated calendar year for the global financial state. In our newest IMF Entire world Economic Outlook, we be expecting world wide expansion to tumble from an approximated 3.4 per cent in 2022 to 2.9 {9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} in 2023. In the Euro Space, the slowdown is even more pronounced —from 3.5 p.c in 2022…
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Ajay Banga, World Bank nominee must swap finance for climate
In January 2020, the then Mastercard chief executive Ajay Banga wrote a corporate call-to-arms on the payment company’s website. “I don’t think you need me to tell you why action on climate change is required,” he began. “Hectares of forests are on fire at any given time. Trillions of tons of glacial ice are melting. Temperatures are rising.” Three years later, this urgent rhetoric is being scrutinised by bemused World Bank officials as they try to grasp who the man soon to become the institution’s president is, and what he stands for. If backed by other shareholder nations, Banga, the new US nominee, faces the gargantuan task of revamping the…
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