India wants to keep the spotlight on climate finance: India is likely to propose forming an expert G20 group to examine possible reforms to the World Bank to increase its climate lending capacity in middle and low-income countries during a G20 meeting in Bengaluru this week, Reuters reports, citing unnamed sources. Multilateral development bank (MDB) reform — which has been hotly debated in the last year — is high on India’s agenda for the meeting, one source noted. Climate finance will also be a core focus area for India during its G20 presidency, Finance Minister Nirmala Sitharaman is said to have told World Bank President David Malpass during a meeting yesterday, Reuters noted.

Will the new World Bank president prioritize climate finance? Malpass announced lastweek his intention to step down by June, one year before the end of his four-year appointment. He had drawn criticism in September for appearing unwilling to state that he believed fossil fuels were driving the climate crisis. His departure has opened a space for the US — which traditionally appoints the World Bank president — to propose a successor able to reorient the bank’s business model to focus on combating climate change, the Financial Times noted on Tuesday.

Tags: