Leave it to Nicholas Stern — author of the famous 2006 report on the economics of climate change — to sum up what’s required from multilateral development banks this year.
Speaking on the final day of the World Economic Forum annual meeting in Davos last week, Stern cited his recent report on finance for climate action and said that MDBs must triple their pre-pandemic lending within five years — then go even further.
“So that’s the rubric for reform,” he said. “Then you discuss the reform around the purpose, as we did when we created Bretton Woods after the Second World War.”