COP27- World Bank tells rich countries, give us more cash for climate

COP27- World Bank tells rich countries, give us more cash for climate

SHARM EL SHEIKH, Egypt - The World Bank is ready to step up financing of action to tackle climate change in the world's poorest countries, but needs fresh funds from wealthy donor countries to do so, its managing director of operations told Reuters.

Axel van Trotsenburg made his comments on the sidelines of the COP27 climate talks in Sharm el-Sheikh. Criticism has grown of the bank's efforts to mobilise sufficient support for developing countries to shift to clean energy.

"There is no money going to sub-Saharan Africa. Full stop," van Trotsenburg said. "I would like to challenge everybody: Do more."

The world's biggest multi-lateral lender could make a "decisive contribution" to further scaling up climate finance, but this depends on additional support from member countries, among them the United States, Britain and Germany.

"That will cost something to the membership because without financial resources, you cannot make a difference," he said.

"People would like that the international community, including the MDBs (multilateral development banks), are stepping up. We agree. So what my challenge to them is: define the ambition, and how much do you want to put on the table?"

The World Bank Group provided $31.7 billion in climate finance to countries in fiscal year 2022,