World Bank President Ajay Banga said multilateral banks cannot provide enough money to try to keep global temperatures in check on their own.
Banga sought to temper expectations ahead of the bank’s annual spring meeting next week for just how much the changes he’s ushering in at the world’s largest international development bank can combat climate change.
“No amount of money from just multilateral banks can change this. That’s not the size of these balance sheets,” Banga said Thursday during a press briefing. “The reality is, even with government money, you cannot change that.”
Banga’s comments come after Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change, urged the World Bank, other financing institutions and G7 and G20 countries to “step up the pace” on climate finance.
