This discussion provided an update on the development of the World Bank Group's (WBG) Paris Alignment approach and engage with stakeholders, including multilateral development banks (MDBs), civil society organizations (CSOs), private sector, donors, and parties involved in UNFCCC negotiations. It built on the previous discussion from COP26, which outlined the WBG's action plan to align its financial flows with the goals of the Paris Agreement, a commitment made in the WBG’s Climate Change Action Plan (CCAP) 2021-2025.
To fulfil commitments made in the CCAP, the WBG is developing Paris Alignment methodologies that recognize the importance of integrating climate and development, and combine adaptation and mitigation actions with efforts to boost economic growth and reduce poverty. Starting July 2023, all new WB lending operations will be Paris-aligned. For IFC and MIGA, 85% of operations will be aligned by July 2023 and 100% starting July 2025.
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• Stéphane Guimbert Director, Operations Policy, Operations Policy and Country Services (OPCS), World Bank
• Anup Jagwani Manager, Climate Finance and Policy, International Finance Corporation (IFC)
• Merli Baroudi Director, Economics and Sustainability, Multilateral Investment Guarantee Agency (MIGA)
• Jennifer Sara Global Director, Climate Change, World Bank
• Rahul Kitchlu Manager, Climate Change Operations and Advisory, World Bank