Multilateral banks are key to financing the fight against global warming; here is how they work
The Statesman|November 11, 2024
As climate change leads to a seemingly endless stream of weather disasters around the world, countries are struggling to adapt to the new reality.
Multilateral banks are key to financing the fight against global warming; here is how they work

Preparing to better withstand hurricanes, floods, heat waves, droughts and wildfires will take hundreds of billions of dollars.

And then there is confronting the root cause of climate change the burning of fossil fuels like coal, gas and oil by transitioning to clean energies like wind and solar.

That will take trillions of dollars.

Enter climate finance, a term for how to pay for projects to adapt to and combat the cause of climate change. It's especially important for developing countries, which don't have the same resources or access to credit that rich countries do.

International megabanks, funded by taxpayer dollars, are the biggest, fastest-growing source of climate finance for the developing world. Called multilateral development banks because they get contributions from various countries, there are only a handful of these banks in the world, the World Bank the largest among them.

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FLERE HISTORIER FRA THE STATESMANSe alt
Davis Cup: AJtmaier, Struff on song as Germany charge into last-eight stage
The Statesman

Davis Cup: AJtmaier, Struff on song as Germany charge into last-eight stage

Jan-Lennard Struff and Daniel Altmaier won their respective matches as Germany defeated Canada 2-0 to storm into the semifinals for the Davis Cup Hnals.

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Nick Kyrgios disappointed with 'bland' modern tennis
The Statesman

Nick Kyrgios disappointed with 'bland' modern tennis

As Australian tennis star Nick Kyrgios prepares to step back onto the court after a two-year injury hiatus, he has said that modern tennis is a bit \"bland at the moment\" as new crop of players are each other's best mates.

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China Masters: Sindhu, Anupama crash out after losing second-round matches
The Statesman

China Masters: Sindhu, Anupama crash out after losing second-round matches

PV Sindhu's poor form continues as she has failed to reach quarterfinals in the seventh consecutive tournament in 2024

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Women's Asian Champions Trophy triumph will inspire more girls to take up hockey: Salima Tete
The Statesman

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Laparoscopic diagnostic surgery device which promises to enhance surgeon's colour vision
The Statesman

Laparoscopic diagnostic surgery device which promises to enhance surgeon's colour vision

The 20th World Congress of Endoscopic Surgery (WCES 2024) was held in October at the Biswa Bangla Convention Centre.

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Advanced medical facilities available in five tribal districts of Manipur: CM Biren Singh
The Statesman

Advanced medical facilities available in five tribal districts of Manipur: CM Biren Singh

Amid the Kuki-Zo bodies' claims of deprivation and lack of development in tribal areas, Manipur Chief Minister N. Biren Singh on Thursday said that for the first time, five hill districts would have access to advanced medical facilities.

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Robot-assisted gallbladder surgery on woman with severespinal curvature
The Statesman

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Inclusive development, peace and universal well-being while nurturing environment is at the heart of Indian philosophy: VP
The Statesman

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Maha parties woo independents who may play kingmakers
The Statesman

Maha parties woo independents who may play kingmakers

The BJP-backed Mahayuti and the Congress-backed opposition Maha Vikas Aghadi (MVA) have both officially claimed that they will win enough assembly seats to form the next Maharashtra government easily.

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Mahayuti govt will be formed again in Maharashtra, BJP winning in Jharkhand: MP CM Yadav on exit polls
The Statesman

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The BJP-backed Mahayuti and the Congress-backed opposition Maha Vikas Aghadi (MVA) have both claimed they will easily win enough assembly seats to form the next Maharashtra government.

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