Remarks by World Bank Group President David Malpass at the Fourth Ministerial of the Coalition of Finance Ministers for Climate Action

These remarks were delivered by World Bank Group President David Malpass at the Fourth Ministerial of the Coalition of Finance Ministers for Climate Action on October 12, 2020. He spoke about the Coronavirus (COVID-19) pandemic that has underscored the deep connections between economic systems, human health, and global well-being. He explained that the countries now have a chance to set themselves on a greener, smarter, and more equitable development path. He said that it is critical that countries work toward their climate and environmental goals. He suggested that as countries find themselves saddled with rising debt, there is also an opportunity now to reform harmful subsidies from agriculture and fisheries to fossil fuels. He said that if carefully managed, subsidy reform can provide a triple dividend by making the economic recovery fiscally sound, environmentally sustainable, and resilient to future shocks. He mentioned that amid the pandemic, the World Bank Group has remained the largest multilateral funder of climate investments in developing countries. He was happy to say that, in Fiscal Year 2020, his first full year as President, the World Bank Group made more climate-related investments than at any time in its history. He mentioned that the World Bank Group intend to step up that work over the next five years. He spoke about the World Bank Group helping countries put an economic value on biodiversity including forests, land, and water resources so they can better manage these natural assets. He also mentioned that the World Bank Group helping them assess how climate risks affect women and others who are already vulnerable. He concluded by thanking the leadership of Chile and Finland, Minister Briones and Minister Vanhanen, in this Coalition.