US Treasury Yellen to encourage development banks to step up climate finance efforts Reuters
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© Reuters. PHOTO OF THE FILE: Smoky smoke from the chimneys of the Belchatow coal-fired power plant in this May 7, 2009 photo. REUTERS / Peter Andrews / File Photo
VENICE (Reuters) – US Treasury Secretary Janet Yellen said on Sunday she would soon develop major multilateral development banks with “greater climate ambition” and set long deadlines for approving the Paris Agreement to reduce carbon emissions.
Yellen said at a news conference that development donors, including the World Bank, should be encouraged to push for more private investment in climate change.
“I will call on the heads of multilateral development banks to push for increased climate ambition, help the most vulnerable and stimulate private investment.”
The United States is a major shareholder in the World Bank and the American Development Bank, while it is one of the largest in the Asian Development Bank and the African Development Bank.
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