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CLIMATE CHANGE PLATFORM BY WORLD BANK AND IMF

CLIMATE CHANGE PLATFORM BY WORLD BANK AND IMF

Context:

The International Monetary Fund and the World Bank have launched a platform to prompt the poor nations on financing for preservation and environment exercises.

Key Points:

  • Both the financial organizations will utilize the platform to factor climate change to factor environmental change into arrangements about paying off past commitments and weights of poor nations.
  • The advisors in the platform will incorporate authorities from  the United Nations, private investors and ratings agencies.
  • The platform is upheld by the G20 economies too.
  • Three nations, for example, Chad, Ethiopia and Zambia have started the exchanges with the lenders under the new platform.

World Bank:

  • It is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the motivation behind seeking after capital activities.
  • It was made at the 1944 Bretton Woods Conference, alongside the International Monetary Fund (IMF).

International Monetary Fund (IMF):

  • It is a global monetary establishment, headquartered  in Washington, D.C.

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