Publication: Remarks by World Bank Group President Ajay Banga at Transforming Climate Finance Event, COP28
Loading...
Date
2023-12-01
ISSN
Published
2023-12-01
Author(s)
Editor(s)
Abstract
These were the remarks delivered by World Bank Group President Ajay Banga at the COP28 Climate Finance Event on December 1, 2023. He spoke about the resources of wealthy nations can create opportunities, meanwhile the abundance of sun, wind, fertile soil, and young people enjoyed by emerging economies could drive our future. We have inherited decades of knowledge and benefitted from the generosity of every nation, now we are being called upon to lead, and we have never been better positioned to deliver the progress that is demanded. Today, the World Bank is setting an ambitious goal to devote 45 percent of our annual financing to climate by 2025. We’re putting our ambition in overdrive and putting to work more than 40 billion dollars per year, around 9 billion dollars more than the original target. Making certain IBRD and IDA resources are deployed equally for mitigation and adaptation, because while we all are experiencing climate change, we are feeling the effects differently. Over the next few days, the World Bank will detail a blueprint for slashing methane emissions, announce a roadmap for high integrity carbon markets, discuss progress on our Private Sector Investment Lab, and outline efforts to deepen the collective impact of multilateral development banks.
Link to Data Set
Citation
“Banga, Ajay. 2023. Remarks by World Bank Group President Ajay Banga at Transforming Climate Finance Event, COP28. © World Bank. http://hdl.handle.net/10986/41354 License: CC BY 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication Remarks by World Bank Group President Ajay Banga at the Agriculture and Food as an Engine of Sustainable Growth and Jobs Event(Washington, DC: World Bank, 2024-10-25)This document outlines a new strategic approach for a global organization to address the challenges and opportunities within the agricultural sector. The document highlights four fundamental shifts transforming the agribusiness landscape, including the increasing vulnerability of agriculture to climate change, the emergence of new tools for derisking investments, advancements in digitalization, and the need for greater collaboration between large food companies and smaller farmers. The organization proposes a comprehensive ecosystem approach to agribusiness involving increased investment, focusing on smallholder farmers and producer organizations, and combining public and private sector initiatives. The document emphasizes the potential of this approach to create jobs, improve food security, and contribute to a more sustainable future.Publication Remarks by World Bank Group President Ajay Banga at the Compact with Africa: G20 Finance Ministers & Central Bank Governors Meeting, Durban, South Africa(Washington, DC: World Bank, 2025-07-25)By the middle of the 21st century, Africa is poised to play a defining role in global development, with its rapidly growing population, abundant natural resources, and expanding cities. Ajay Banga, in his remarks at the Compact with Africa side event during the G20 Finance Ministers and Central Bank Governors Meeting in Durban, South Africa, emphasized the continent's potential to become a global growth engine. With the largest and youngest workforce, Africa has the capacity to feed the planet, power renewable energy solutions, and meet its own energy needs. However, this promising future is not guaranteed, as the continent faces significant challenges, including the need to create jobs for its burgeoning youth population. Banga highlighted the importance of private-sector job creation, which accounts for 90% of employment, and stressed the need for conditions that enable businesses to thrive. The World Bank Group plays a critical role in this effort, leveraging public financing, policy reform, and private sector support to drive sustainable growth across key sectors such as infrastructure, agribusiness, healthcare, tourism, and value-added manufacturing.Publication Remarks by World Bank Group President, Ajay Banga at High Level Segment Summit on Methane at COP28 in Dubai, UAE(Washington, DC: World Bank, 2023-12-02)These remarks were delivered by World Bank Group President, Ajay Banga at High Level Segment Summit on Methane at COP28 in Dubai, UAE on December 2, 2023. He started by mentioning about how Methane is 80 times more powerful than carbon dioxide in warming the planet, making it a major driver of climate change. He said that the frontier of methane reduction is one such area where the World Bank believes there are answers at their fingertips, and that is why the World Bank is taking action, scaling proven – and urgently needed – strategies that can decisively bend the methane emission curve. He mentioned that over the following eighteen months, as part of a blueprint for methane reduction, World Bank will help launch fifteen national programs that aim to slash methane emissions. He also added that the World Bank has been working with Germany, Norway, the United States, and the UAE alongside the private sector to expand our long-standing efforts to significantly cut methane emissions across the whole energy value chain. He highlighted on Methane is one rare, clear area where we know there are low-cost remedies, effective and simple solutions that can be replicated and scaled. He concluded by saying, we must act, and in doing so we can reduce emissions, enhance agricultural yields, and improve health outcomes all in one go.Publication Remarks by World Bank Group President Ajay Banga at the International Development Association (IDA) Midterm Review(Washington, DC: World Bank, 2023-12-06)These remarks were delivered by World Bank Group President, Ajay Banga, at the International Development Association (IDA) Midterm Review on December 6, 2023. He extended his condolences to Tanzania and the communities impacted in the floods a few days ago. He assured that the World Bank will be by their side during the recovery and reconstruction. He spoke about the founding of International Development Association, charged with a simple yet noble mission to raise standards of living and build momentum for growth in developing countries. He questioned on how can we hope to make even adequate progress while 600 million people in Africa – 36 million of whom live here in Tanzania still don’t have access to reliable electricity He cited the example from town in Nigeria where IDA had helped fund a mini-grid system, and the electricity it generated allowed small farmers to do their work in half the time, it enabled shop keepers to accept digital payments, and gave diabetics regular access to climate-controlled insulin. He insisted that we must make good on the World Bank’s evolution roadmap and make IDA more approachable, accessible, and understandable. He highlighted that together we will reimagine what IDA could become and what we could achieve as a result. He concluded by saying that we will have the opportunity to commit ourselves to the vision that sparked the creation of IDA—a vision of a world where poverty is not a barrier to human potential, but a world where every individual has the opportunity to thrive.Publication Remarks by World Bank Group President Ajay Banga at the 2024 Annual Meetings Plenary(Washington, DC: World Bank, 2024-10-28)In his speech at the 2024 Annual Meetings Plenary, World Bank Group President Ajay Banga highlighted the organization's achievements over its 80-year history and outlined its future direction. He emphasized the dual focus on reconstruction and development, reflecting on the World Bank's origins and its evolving role in addressing global challenges such as poverty, climate change, conflict, and pandemics. Banga discussed the need for the World Bank to be faster, simpler, and more impact-oriented. He noted improvements in project approval times, streamlined processes, and enhanced collaboration with other multilateral development banks. He also highlighted the importance of measurable outcomes and increased lending capacity to maximize the institution's impact.
Users also downloaded
Showing related downloaded files
Publication Classroom Assessment to Support Foundational Literacy(Washington, DC: World Bank, 2025-03-21)This document focuses primarily on how classroom assessment activities can measure students’ literacy skills as they progress along a learning trajectory towards reading fluently and with comprehension by the end of primary school grades. The document addresses considerations regarding the design and implementation of early grade reading classroom assessment, provides examples of assessment activities from a variety of countries and contexts, and discusses the importance of incorporating classroom assessment practices into teacher training and professional development opportunities for teachers. The structure of the document is as follows. The first section presents definitions and addresses basic questions on classroom assessment. Section 2 covers the intersection between assessment and early grade reading by discussing how learning assessment can measure early grade reading skills following the reading learning trajectory. Section 3 compares some of the most common early grade literacy assessment tools with respect to the early grade reading skills and developmental phases. Section 4 of the document addresses teacher training considerations in developing, scoring, and using early grade reading assessment. Additional issues in assessing reading skills in the classroom and using assessment results to improve teaching and learning are reviewed in section 5. Throughout the document, country cases are presented to demonstrate how assessment activities can be implemented in the classroom in different contexts.Publication Business Ready 2024(Washington, DC: World Bank, 2024-10-03)Business Ready (B-READY) is a new World Bank Group corporate flagship report that evaluates the business and investment climate worldwide. It replaces and improves upon the Doing Business project. B-READY provides a comprehensive data set and description of the factors that strengthen the private sector, not only by advancing the interests of individual firms but also by elevating the interests of workers, consumers, potential new enterprises, and the natural environment. This 2024 report introduces a new analytical framework that benchmarks economies based on three pillars: Regulatory Framework, Public Services, and Operational Efficiency. The analysis centers on 10 topics essential for private sector development that correspond to various stages of the life cycle of a firm. The report also offers insights into three cross-cutting themes that are relevant for modern economies: digital adoption, environmental sustainability, and gender. B-READY draws on a robust data collection process that includes specially tailored expert questionnaires and firm-level surveys. The 2024 report, which covers 50 economies, serves as the first in a series that will expand in geographical coverage and refine its methodology over time, supporting reform advocacy, policy guidance, and further analysis and research.Publication The Journey Ahead(Washington, DC: World Bank, 2024-10-31)The Journey Ahead: Supporting Successful Migration in Europe and Central Asia provides an in-depth analysis of international migration in Europe and Central Asia (ECA) and the implications for policy making. By identifying challenges and opportunities associated with migration in the region, it aims to inform a more nuanced, evidencebased debate on the costs and benefits of cross-border mobility. Using data-driven insights and new analysis, the report shows that migration has been an engine of prosperity and has helped address some of ECA’s demographic and socioeconomic disparities. Yet, migration’s full economic potential remains untapped. The report identifies multiple barriers keeping migration from achieving its full potential. Crucially, it argues that policies in both origin and destination countries can help maximize the development impacts of migration and effectively manage the economic, social, and political costs. Drawing from a wide range of literature, country experiences, and novel analysis, The Journey Ahead presents actionable policy options to enhance the benefits of migration for destination and origin countries and migrants themselves. Some measures can be taken unilaterally by countries, whereas others require close bilateral or regional coordination. The recommendations are tailored to different types of migration— forced displacement as well as high-skilled and low-skilled economic migration—and from the perspectives of both sending and receiving countries. This report serves as a comprehensive resource for governments, development partners, and other stakeholders throughout Europe and Central Asia, where the richness and diversity of migration experiences provide valuable insights for policy makers in other regions of the world.Publication World Bank Annual Report 2024(Washington, DC: World Bank, 2024-10-25)This annual report, which covers the period from July 1, 2023, to June 30, 2024, has been prepared by the Executive Directors of both the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)—collectively known as the World Bank—in accordance with the respective bylaws of the two institutions. Ajay Banga, President of the World Bank Group and Chairman of the Board of Executive Directors, has submitted this report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors.Publication Services Unbound(Washington, DC: World Bank, 2024-12-09)Services are a new force for innovation, trade, and growth in East Asia and Pacific. The dramatic diffusion of digital technologies and partial policy reforms in services--from finance, communication, and transport to retail, health, and education--is transforming these economies. The result is higher productivity and changing jobs in the services sector, as well as in the manufacturing sectors that use these services. A region that has thrived through openness to trade and investment in manufacturing still maintains innovation-inhibiting barriers to entry and competition in key services sectors. 'Services Unbound: Digital Technologies and Policy Reform in East Asia and Pacific' makes the case for deeper domestic reforms and greater international cooperation to unleash a virtuous cycle of increased economic opportunity and enhanced human capacity that would power development in the region.