Climate Change: $100B Limit On Aid To Developing Nations 'Picked Out Of The Air,' World Bank
Days after the World Bank pledged to increase the institution’s commitment to climate financing to potentially $29 billion annually by 2020, the World Bank’s top climate official rejected the idea of setting a limit on the amount of financial assistance developed nations should provide developing nations.
Rachel Kyte, World Bank's vice-president and special envoy for climate change, told the Guardian that the developed nations’ pledge to mobilize $100 billion per year in climate finance by 2020 “was picked out of the air.”
“If you think about the global economy and the challenge for finance ministers in developed countries, I’m not sure that an abstract number like $100 billion is helpful,” Kyte reportedly said last week. “It is not a meaningful number to a country managing its economy.”
Photo Credit: World Bank Photo Collection