The Prime Minister addresses an event hosted by the World Bank Event

1 year ago

 On 15 April 2023, Prime Minister Narendra Modi addressed the World Bank Event titled ‘Making it Personal: How Behavioral Change Can Tackle Climate Change’ via video message. Despite his personal connection to the theme, the Prime Minister expressed happiness that it is becoming a global battle cry.

 At the United Nations General Assembly in 2015, he discussed the need for behavioral change and the genesis of the LiFE movement.  Earlier in 2022, they launched Mission LiFE together with the UN Secretary-General. The Prime Minister emphasized that global institutions have an important role to play in encouraging countries across the world. 

World Bank Event

According to him, the focus of climate finance should be increased from 26% to 35% as part of the total financing by the World Bank Group.

Developing countries are heavily dependent on the World Bank Group for climate investments. With more than 12,000 development projects in its portfolio and historical data going back to 1947, the World Bank is the world’s largest development institution. The World Bank Group is also working on evolving its Vision and Mission, Operating Model, and Financial Capacity, as detailed in the Evolution Roadmap. The World Bank Group is committed to fighting poverty worldwide through sustainable solutions. 

The International Monetary Fund (IMF) and World Bank Spring Meetings are held annually to discuss economic reform and fiscal agendas. During the 2022 meetings, some officials, in particular, US Treasury Secretary Janet Yellen, downplayed the risks and negative impacts of last month’s bank failures, repeating the mantra that major banking systems are healthy. While banking turmoil has indeed subsided, it is still a concern for many. The meetings also discussed the world economic outlook and the need for central banks to not use IMF projections as an excuse to get too loose again.

Shruti Jain

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