Washington, 17 October 2023 (TDI): At the event hosted by the World Bank (WB) and International Monetary Fund (IMF), world leaders came together to address the pressing issue of climate change and explore the role of government policies in driving or hindering climate action.

Ajay Banga, the President of World Bank Group highlighted, “If you can’t breathe and you can’t drink clean water, there’s very little point in eradicating poverty.”

 

The 45-minute discussion featured esteemed figures such as the heads of the World Bank and International Monetary Fund, alongside Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali, and Mark Carney, Co-Chair of the Glasgow Financial Alliance for Net Zero.

The insightful conversation, moderated by international broadcaster Lerato Mbele, shed light on critical challenges standing in the way of effective climate action.

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Among the key roadblocks discussed during the event is the staggering $1.25 trillion in government subsidies dedicated to agriculture, fishing, and fossil fuels.

These subsidies have been identified as contributors to unsustainable practices that harms environment.

Ajay Banga, President of the World Bank, stressed the importance of addressing this topic, saying, “This topic of subsidies needs discussion. It gets lost very easily because of the politics involved, but everything we’re dealing with right now has politics involved.”

However, the discussion also highlighted the potential for positive change through the implementation of the right policies.

Mark Carney, Co-Chair of the Glasgow Financial Alliance for Net Zero, emphasized that the right policies have the power to drive investment and enable developing countries to embrace innovative technology. Drawing a parallel to Africa’s success in mobile telephony and finance, he suggested that a similar leap can be made in the energy sector.

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In conclusion, the event provided valuable insights into the urgent need for change and the role of government policies in shaping our path toward a more sustainable future.