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Remarks by World Bank Group President David Malpass at the Eighth Ministerial Meeting of the Coalition of Finance Ministers for Climate Action – Annual Meetings 2022

· David Malpass, President of the World Bank Group (International)

Summary written by Dark Majestic in its own words · topics: climate, energy and nature, development and emerging economies

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· David Malpass Wiki · World Bank Group WikiRemarks by World Bank Group President David Malpass at the Eighth Ministerial Meeting of the Coalition of Finance Ministers for Climate Action – Annual Meetings 2022

ContextRemarks by World Bank Group President David Malpass at the Eighth Ministerial Meeting of the Coalition of Finance Ministers for Climate Action – Annual Meetings 2022.

Why it mattersMalpass urges finance ministers to replace regressive subsidies with targeted transfers.

Problems raised
  1. Climate and development must be integrated.
  2. Global public goods lack financing.
  3. Subsidies are regressive and costly.
Solutions proposed
  1. Implement the Climate Change Action Plan.
  2. Build financing mechanisms for climate action.
  3. Phase out regressive subsidies with targeted transfers.
Read full speech on worldbank.org ↗

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