World Bank, IMF pledge to work together on green transition

The World Bank and the International Monetary Fund have pledged to work together to support the global green transition, besides issues such as combating climate change, helping countries with high national debt and supporting the global digital transition.

"We are committed to enhancing our collaboration to deliver tangible benefits for people, businesses, and institutions of our member countries," World Bank President Ajay Banga and IMF Managing Director Kristalina Georgieva said in a joint statement issued before the G20 meeting in India.

In the statement, the Bretton Woods chiefs pointed out that "The challenges are too great for individual actors to address," adding that "International financial institutions, national governments, philanthropic foundations, as well as the private sector, must work together," echoing Banga's comments in an interview in June.

Banga has also appointed 15 global CEOs — Tata Sons' N Chandrasekaran is among them — to a high-level group dubbed the "Private Sector Investment Lab" to funnel more private capital into the global energy transition and boost cleantech investment in developing countries.

The former Mastercard CEO has said that emerging economies need to avoid the "emissions-intensive growth model" followed by the western countries if the world was to meet its Net Zero targets.

Earlier this year, US scientists warned that CO2 emissions were now 50 percent higher than the pre-industrial era.