By Elishya Perera
LONDON (CU)_Banks can play a crucial role in the global battle against climate change and the World Bank should set an example in this regard, the Duke of Cambridge says. Participating in joint event on the climate emergency organised by the International Monetary Fund and World Bank, Prince William highlighted the need to expand investments in projects such as cleaner oceans and reforestation.
“All of you here at the World Bank and across each of the multilateral development banks have that crucial part to play by supporting a green, inclusive and resilient recovery from the pandemic, by valuing nature and putting it at the heart of your work, and by increasing investment in a future where the natural world can thrive,” he said.
Amidst growing pressure on commercial banks to make their lending practices more sustainable and environment friendly the World Bank and the IMF called for a green recovery from the pandemic, during their virtual spring meeting this week. Accordingly, they urged wealthy nations to provide financial assistance to developing nations for their transition to a zero-carbon future.
The international monetary and financial committee, the main policy body of the IMF, said in a statement that the agency is ‘strongly committed’ to addressing the climate crisis through measures that would accelerate the transition to “greener societies and job-rich economies”.
Prince William, who has launched five £1m prizes over the next 10 years for those providing solutions for the world’s environmental problems, pointed out that the world cannot sustainably recover from the pandemic, while eradicating global poverty and also achieving carbon neutrality without investing in nature.
“We must invest in nature, through reforestation, sustainable agriculture and supporting healthy oceans … because doing so is one of the most cost-effective and impactful ways of tackling climate change,” he said.
“It removes carbon from the atmosphere, helps build more resilient communities, tackles biodiversity loss, and protects people’s livelihoods.”
