PHOTO
The World Bank's investment arm, International Finance Corporation (IFC), will sign an MoU with the Abu Dhabi Fund for Development to jointly invest $1.5 billion in energy transition and the fight against climate change, IFC Director General Makhtar Diop said at the World Government Summit.
For every $1 in grant money that the World Bank receives, it can mobilize $10 of capital to invest in climate action, Diop told CNN’s Becky Anderson in a session titled “Investing in a sustainable future: the role of climate finance.”
Diop also warned that one of the big challenges the world will face in coming years is access to water, adding that this is a conversation currently being overshadowed by the energy transition.
“A big question we will be facing in the coming years is access to water; we haven’t talked about it, and we talk a lot about energy transition,” he said, according to a WGS statement.
(Writing by Brinda Darasha; editing by Seban Scaria)
