World Bank Seeks More Money for Climate, Polycrisis: Reuters

News Summary (unedited but section selected)

WASHINGTON, Jan 2 (Reuters) – The World Bank is seeking to vastly expand its lending capacity to address climate change and other global crises and will negotiate with shareholders ahead of April meetings on proposals that include a capital increase and new lending tools, according to an “evolution roadmap” seen by Reuters on Monday.

Reporting by David Lawder; additional reporting by David Milliken in London, additional writing by Karin Strohecker, editing by Grant McCool

Key bit:

IBRD’s $13 billion capital increase in 2018 “was designed to be prepared for one mid-sized crisis a decade, and not multiple, overlapping crises” including the COVID-19 pandemic, the war in Ukraine and the effects of accelerating climate change, the document said. IBRD’s crisis buffers will likely be depleted by mid-2023, it said.

Link here.

Brooch - 'I Survived the Great Toilet Paper Crisis of 2020', Sconnie & Jam, Brisbane, 2020
Brooch – ‘I Survived the Great Toilet Paper Crisis of 2020’, Sconnie & Jam, Brisbane, 2020 by Photographer: Marita Dyson is licensed under CC-BY 4.0

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