require their ingenuity, speed, and resources to create the demand for investment by generating bankable projects. That is why we recruited 15 leading CEOs – including Shemara at Macquarie, Noel at HSBC, Hironori at Mitsubishi, Chandra at Tata, and Dilhan at Temasek – to help us find solutions to dramatically increase private sec- tor investing in renewable energy in emerging markets and began imple- menting their feedback … For us, this is just the beginning. We have additional reforms underway and greater ambition on the horizon. Ultimately, the World Bank is an instru- ment that reflects the ambition of those on whose generosity it relies, and the progress we aspire to achieve demands more. Lowy Institute, 10 September 2024
ability to clearly see the impact we are delivering. As a direct result of these reforms, the World Bank Group is on a path to deliver greater scale and greater impact. … We’ve committed to deploy 45% of World Bank Group funds toward climate, with half of development finance for mitigation and half for adap- tation, by 2025. In the Pacific region 97 percent of our climate financing goes to adaptation. We’ve set a target to pro- vide quality, affordable health care to 1.5 billion people by 2030. We’re executing an action plan to bring cleaner, stable, and affordable energy to 300 million Africans by 2030 … 250 mil- lion from the Bank and 50 million from the African Development Bank. And expanding social protection programs – with partners – to alleviate hunger for half a billion people by 2030 – aiming for
half of these beneficiaries to be women. We are excited about what we can deliver with these changes in place. But we are clear-eyed about the scale of our challenges. This is why we are working to secure a significant replenishment of [the] International Development Association … Many shareholders … are making hard budget decisions and tradeoffs over the next few months … We know that the World Bank alone won’t be enough to provide the trillions required annually for climate, fragility, education, hunger alleviation, health care, and inequal- ity … That is why we need all shoul- ders at the wheel – governments, philanthropies, and multilateral devel- opment banks working together. But to close the financing and jobs gap, we also need the private sector. We
In Manila, Philip- pines, a squatter colony contrasts with the modern skyline
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