Multilateral Development Banks on Adaptation

Dec 4th, 2009 9:50 AM UTC
By A.M.

On Wednesday the heads of the world’s leading international financial institutions signed a joint statement in anticipation of the Copenhagen summit. They committed to using their expertise and resources to confront the challenges of climate change.

Donald Kaberuka, President of the African Development Bank, said: “The impact of climate change on Africa is already evident. It adds a significant additional burden to existing challenges of poverty, of inadequate access to energy, water, and basic infrastructure. Additional resources are needed urgently to help Africa adapt, to protect its lakes and forests, and to maintain growth. Together we must rise to these challenges; the African Development Bank stands ready to play its part.”

World Bank Group President Robert B. Zoellick said: “Climate change is one of the most complex challenges of our young century. No country is immune. No country alone can take on the interconnected challenges posed by climate change, including difficult political decisions, daunting technological change, and far-reaching global consequences. Changes of this magnitude will require substantial additional finance for adaptation and mitigation, and for intensified research to scale up promising approaches and explore bold ideas. It is crucial that countries integrate development needs with climate actions.”

IMF Managing Director Dominique Strauss-Kahn said that the global economic crisis must not distract us from tackling the important issue of climate change. “Sustaining the recovery and putting in place effective climate change policies can be mutually reinforcing with the right policies implemented resolutely,” he said. “Global cooperation, including among international financial institutions, will help countries to confront the challenges from climate change. These require innovative and long-term solutions, which have a part to play in supporting the recovery and sustainable growth. The IMF can assist in its areas of expertise to advise on policies and support countries that are most vulnerable to economic and climate challenges,” Strauss-Kahn noted.

Their full statement is here.

TAGS: Climate and Development, Copenhagen, Policy News