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The international development finance system is awash with ideas for increasing finance for climate change initiatives. The small island state of Barbados has been a key voice, last year launching the Bridgetown Initiative , calling for a broad set of financing reforms, some focused on the World Bank. The World Bank itself is undergoing a major evolution process that intends to reform the organization’s mission, operating, and financing models.

In the fall of 2022, World Bank shareholders (member governments, including the United States) called for a suite of reforms aimed at better enabling the institution to respond to today’s global development challenges, such as pandemics, climate change, and natural disasters. The World Bank is one of the largest sources of development finance, providing resources to low- and middle-income countries around the globe. Its overarching goals are to reduce extreme poverty and promote shared prosperity.

Christian Aid says the World Bank and its rich country member governments such as the UK must find ways to mobilise public finance, for example through taxing polluters, in ways that prioritise human rights and the mission to tackle poverty.

Addis Ababa, Ethiopia, June 14th, 2023 (ECA) -Ahead of the Summit for a New Global Financing Pact in Paris on 22-23 June 2023, the Africa High-Level Working Group on the Global Financial Architecture convened to discuss critical reforms to the global financial architecture to better respond to the needs of African countries and to enhance their voice and

President Cyril Ramaphosa is set to attend and participate in the New Global Financing Pact Summit to be held in Paris, France on 22 and 23 June 2023.