World Bank needs ‘quantum leap’ to address climate crisis, UN expert warns

The UN climate chief, Simon Stiell, has warned that the World Bank must make a “quantum leap” in providing new finance to combat the climate crisis, the Gurdian reported.

Stiell has emphasized the urgency of drawing up an international plan to cut greenhouse gas emissions and limit temperature rises, the article added.

The UN officer has highlighted the potential for global economic renewal through a shift to a low-carbon economy, emphasizing the benefits for both developed and developing countries.

He has called for reforms at development banks to enable greater access to climate finance for the developing world.

Stiell also urged the World Bank and governments to accelerate climate finance, addressing new sources of funds such as a frequent flyer levy and taxes on carbon emissions.