Remarks by World Bank Group President David Malpass at the Sina Finance 2022 ESG Global Leaders’ Summit
These remarks were delivered by World Bank Group President David Malpass at the Sina Finance 2022 ESG Global Leaders’ Summit on June 28, 2022. He mentioned that in response to Russia’s invasion of Ukraine, countries are shifting their energy policy...
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| Format: | President's Speech |
| Language: | English |
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World Bank, Washington, DC
2022
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| Online Access: | http://documents.worldbank.org/curated/en/099321507012210647/IDU0eeeb6c570c030aa7b00e902949bf08 http://hdl.handle.net/10986/37717 |
| Summary: | These remarks were delivered by World
Bank Group President David Malpass at the Sina Finance 2022
ESG Global Leaders’ Summit on June 28, 2022. He mentioned
that in response to Russia’s invasion of Ukraine, countries
are shifting their energy policy priorities in ways that may
slow down the energy transition and affect global climate
goals and the achievement of electricity access. He said
that the increased price of natural gas is already causing
increased use of coal, diesel, and heavy fuel oil in the
developing world. He insisted that it will be important to
identify, fund and implement the most impactful projects in
terms of GHG emissions and resilience in adapting to major
climate vulnerabilities. .He said that to help focus efforts
in developing countries, the World Bank Group has launched a
new core diagnostic called Country Climate and Development
Reports, or CCDRs. He described that constant innovation
will be needed as the private sector applies significant
funding to global public goods. He highlighted that the
World Bank promotes global transparency on climate metrics,
targets, and outputs so that we can create opportunities,
tackle challenges, and help countries maximize positive
outcomes in their climate transition. He mentioned that
China’s role as a major global creditor gives it additional
responsibility to support the global shift toward
investments with high ESG standards. He concluded by saying
that a commitment to high standards of transparency and
environmental and social risk management, similar to the
standards that the World Bank Group and other MDBs follow,
would help recipient countries achieve sustainable
development while also significantly lowering risks for
Chinese investors themselves. |
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