The Banking Executive Magazine - April 2021

World Bank/IMF Spring Meetings 2021 dressing immediate infrastructure and economic needs, we request that the wbg continue working with clients to address climate change, land degradation, and biodiversity loss, while ensuring affordable and cleaner energy access. We ask the bank to ramp up its comprehensive work on biodiversity and work on measuring co-benefits and main- streaming biodiversity in its opera- tions, as appropriate. We further encourage the wbg and imf to sup- port a measurable impact in the tran- sition to a low-carbon economy, while considering countries’ energy needs and mix, and providing tar- geted support for the poorest. These efforts will include phasing out of in- efficient energy subsidies and other distortive fiscal policies where feasi- ble. The most impoverished and vul- nerable populations, including those in fcv situations and small states, are among those most affected by cli- mate change, damaged ecosystems, and natural disasters. We support the wbg’s ambitious new target to direct 35% of its financing to climate on av- erage, its commitment for at least 50% of bank climate financing to support adaptation and resilience, and its crucial convening and knowl- edge-sharing role and support to a just transition, for countries that re- quest such support. We look forward to the wbg’s climate change action plan for 2021-2025 and recognize its work on disaster risk management, preparedness, and response. We welcome the wbg’s proposal to con- duct country climate and develop- ment reports and emphasize that nationally determined contributions (ndcs) should be the primary focus of climate strategies. We commend the wbg’s commitment to align its finan- cial flows with the paris agreement, and to continue helping countries reach their climate goals, including through ndcs and national biodiver- sity strategies and action plans. We also encourage ifc and miga’s efforts to mobilize paris-aligned private sec- tor investments. We support the wbg’s and the imf’s important role in preparations for the cbd cop15, unccd cop15, and unfccc cop26 meetings later this year. 7. A vibrant private sector will be es- sential for client countries to recover, create jobs, and embrace economic transformation. We urge the wbg to continue its work to help crowd-in private capital and finance, and to support the private sector. This should build on the ifc 3.0 strategy to create markets. Ifc should continue helping companies create jobs, pre- serve viable businesses, adapt to the changes brought by covid, and pur- sue a green recovery. We ask miga to continue addressing the needs for short- and longer-term funding of pri- vate investors and lenders. 8. We support the frontloading of ida19 resources from fy23 to fy22 to help the poorest countries in their immediate response to the covid-19 crisis. We also welcome advancing ida20 by one year. An ambitious and successful ida replenishment by de- cember 2021, underpinned by a strong policy framework, will sup- port a green, resilient, and inclusive recovery in ida countries as they ad- dress both the immediate and longer- term impacts of the pandemic. We ask the wbg to propose ways to opti- mize ida’s balance sheet to make the most of donor contributions and ida resources, while preserving its aaa rating. 9. The next meeting of the develop- ment committee is scheduled for oc- tober 15, 2021, in washington, dc. the BANKING EXECUTIVE 36 ISSUE 148 APRIL 2021