COP28: Top development banks vow to up climate game, quiet on fossil fuels
Ten of the world’s top development banks pledged to step up their climate efforts at the COP28 summit, yet failed to say anything about halting financing for fossil fuel projects, a document seen by Reuters showed.
In a statement to be announced at the event in Dubai, the group, including the World Bank and regional peers, said the window of opportunity to secure a liveable planet was “rapidly closing”.
Calls to overhaul the way the banks are run in response to the climate crisis have picked up amid record extreme weather events, and while the group disbursed a record $61 billion in finance in 2022, it remains just a fraction of what is needed.
