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India Urges World Bank to grant $5-7 billion to meet its funding requirements

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New Delhi, March 1, 2017: Union Finance Minister Arun Jaitley on Wednesday urged the World Bank to grant India $5-7 billion to meet its funding requirements.

“An increase in World Bank’s support is imperative to meet our current requirement of $5-7 billion and for a huge pipeline of projects,” said Jaitley in a statement after meeting its Chief Executive Kristalina I. Georgieva here.

India has decided to seek the aid only through the International Bank for Reconstruction and Development (IBRD) of the World Bank and cease the funding from its affiliate — International Development Agency (IDA).

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As the original World Bank institution, IBRD offers loans to middle-income developing countries, while IDA gives loans and grants to the world’s poorest developing countries.

Jaitley also stressed on the need for capital increase in the Bank group.

He also urged the World Bank to lower its interest rate by removing the commitment charges levied on the undisbursed loans.

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“The World Bank should explore innovative financing options and relax the requirement of Sovereign Guarantee for loans to AAA rated organisations,” reiterated Jaitley.

Georgieva, who is on a two-day official visit to understand the partnership between India and the Bank, also met RBI Governor Urjit Patel and Maharashtra Chief Minister Devendra Fadnavis in Mumbai on Tuesday for a first-hand experience of the Bank’s projects in the country. (IANS)

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To Help Poor Countries Adapt To Global Warming, World Bank Doubles Its Funding

Negotiators are also expected to put forth plans to help developing nations adapt to a warming climate.

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Drought, Climate change, global warming
A farmer stands on cracked earth that three weeks earlier created the bottom of a reservoir on his farm, in Groot Marico, South Africa. VOA

The World Bank has announced it is doubling its funding to help poor nations adjust to global warming to $200 billion over five years.

“If we don’t reduce emissions and build adaption now, we’ll have 100 million more people living in poverty by 2030,” the bank’s climate change chief John Roome told the French News Agency.

“And we also know that the less we address this issue proactively in just three regions – Africa, South Asia, and Latin America – we’ll have 133 million climate migrants, Roone cautioned.”

Helping poorer nations adapt to a warmer environment and the weather extremes that come with it include building sturdier homes, finding new sources of fresh water, and what the bank calls “climate smart agriculture.”

Climate change, ice, China, emissions, Global Warming
An ice crevasse is seen on the Baishui Glacier No. 1, the world’s fastest melting glacier due to its proximity to the Equator, on the Jade Dragon Snow Mountain in the southern province of Yunnan in China. VOA

The World bank ‘s announcement comes as delegates from 200 countries started a two week-long climate change conference in Katowice, Poland.

The threat posed by global warming “has never been worse,” U.N. climate chief Patricia Espinosa said Sunday.

The threat posed by global warming “has never been worse,” U.N. climate chief Patricia Espinosa said at the start of climate talks in Poland.

“This year is likely to be one of the four hottest years on record. Climate change impacts have never been worse. This reality is telling us that we need to much more,” she said Sunday.

Negotiators from nearly 200 nations are in the southern Polish city of Katowice for two weeks of talks on implementing the landmark 2015 Paris Accord. Signatories to that agreement pledged to cut greenhouse gas emissions and limit the rise in global temperatures to less than two degrees Celsius by 2030.

Climate change, emissions, Global Warming
U.N. Climate chief Patricia Espinosa (C) is flanked by officials during a press conference at the COP24 climate change summit in Katowice, Poland, VOA

“Looking from the outside perspective, it’s an impossible task,” Poland’s Deputy Environment Minister Michal Kurtyka told the Associated Press last week.

“The United Nations secretary-general is counting on all of us to deliver. There is no ‘Plan B'”

The climate change talks got a boost when 19 of 20 G-20 nations meeting in Buenos Aires reaffirmed their commitment to fighting climate change.

 https://youtu.be/mbt6_4IgZNg

The United States was the only holdout. President Donald Trump has threatened to pull the U.S. out of the Paris agreement because of what he says is the economic damage the treaty’s provisions would cause.

Trump is a promoter of fossil fuels and nuclear power and has proposed renegotiating the Paris Accord – an idea many dismiss as impractical.

Also Read: Climate Change To Get Worse In The Future: Study

Host country Poland is expected to propose what it calls a “just transition” for the oil, gas, and coal industries to ease the financial blow from the move away from such polluting sources of energy.

Negotiators are also expected to put forth plans to help developing nations adapt to a warming climate. (VOA)