IMF and World Bank leaders at COP29 pledged to work with U.S. President-elect Trump, emphasizing private sector investment in green technology. While concerns remain over Trump's climate stance, IMF chief Georgieva expressed confidence in ongoing U.S. investment in renewables.
The heads of the World Bank and International Monetary Fund on Tuesday said they would work with the incoming U.S. president, Republican Donald Trump, underscoring the importance of private sector funding for developing countries hit by climate change.
IMF chief Kristalina Georgieva told a panel during the U.N. COP29 climate summit in Azerbaijan that the global lender had worked with Trump during his previous term and looked forward to doing so again. "They have a mandate from the American people," she said.
Asked about the impact of Trump's election on the IMF's climate work, Georgieva said she was confident that the U.S. private sector would continue to invest in green technologies. "It is the business proposition to stay ahead of the curve, and I have no doubt that this will continue," she said.
The election of Trump, who is expected to pull the United States back from global efforts to fight climate change, has raised questions about the ability of the IMF and the World Bank - the U.S. is the largest shareholder in both - to ramp up funding for countries around climate-related issues.
This year's COP29 summit is focused on raising hundreds of billions of dollars to fund a global transition to cleaner energy sources and limit the climate damage caused by carbon emissions by the world's largest countries, including the U.S.
Ajay Banga, president of the World Bank, said Trump's historical win, which demanded respect, highlighted the bank's work to become more efficient and effective, while encouraging increasing private investment in climate finance. "He's going to have opinions. We're going to talk to him.
That's our job," he said, noting that during his 17 months at the bank, political leadership had also changed in the bank's four other biggest donors - Germany, France, Japan and Britain.
Trump, who shuns multilateralism, has promised massive tariff increases on Chinese goods and other imports as part of his "America First" agenda.
The conservative Republican "Project 2025" agenda, from which Trump has distanced himself, calls for U.S. withdrawal from the IMF and World Bank to pursue only bilateral development and financial aid in line with U.S. interests.
Trump has publicly taken aim at the United Nations and the World Health Organization and the New York Times reported last week that his transition team was preparing executive orders to withdraw from the Paris climate agreement. He has not specifically targeted the IMF or World Bank thus far.
Mohamed Jameel Al Ramahi, CEO of UAE green energy group Masdar, said the United States remained a key market, despite changes in political leadership, and the company would continue expanding its footprint there.
"A lot of red states in the U.S. ... deploy a lot of renewables. They are very supportive of energy, so we don't really see any impact, honestly," he said, referring to Republican-controlled states.
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World Environment Day should be used as a platform to turn public awareness into concrete policy action on climate change, biodiversity loss and pollution, according to a senior United Nations environment official speaking in an interview with AnewZ's Guy Shone.
Azerbaijan continues to host a series of high-profile global events, including COP29, the World Urban Forum and upcoming World Environment Day activities, positioning itself at the centre of international climate discussions.
Azerbaijani President met with UN-Habitat Executive Director Anacláudia Rossbach in Baku on 16 May ahead of the 13th Session of the World Urban Forum (WUF13), with both sides highlighting Azerbaijan’s preparations and expanding cooperation in urban development.
Some changes are immediately visible: new turbines on the steppe, solar panels on rooftops, and figures in reports. Other changes mature in silence - but transform everything. Azerbaijan, for decades associated with black gold, is now writing a new chapter.
At least thirteen people have died and sixty-six have been injured following an explosion at Qatar's main liquefied natural gas (LNG) processing hub at Ras Laffan, authorities said on Sunday.
Tehran has agreed to let the International Atomic Energy Agency (IAEA) recommence inspections of its nuclear programme, U.S. Vice President JD Vance has said. The U.S. and Iran have settled on a 60-day roadmap aimed at reaching a final deal, according to mediators Qatar and Pakistan.
A Ukrainian strike has damaged a school building in a Russian-controlled area of Ukraine’s Zaporizhzhia region, according to local authorities cited by the TASS news agency. No injuries were reported in the incident.
U.S. President Donald Trump said that Iran had agreed to nuclear inspections into "infinity, despite Tehran's denials, and that unfrozen Iranian assets would be used to buy humanitarian supplies from the United States.
Iran’s parliamentary speaker said on Wednesday regional countries alone should determine the Middle East’s political and security order, rejecting external involvement and calling for expanded intra-regional cooperation.
Major technology, telecom, aviation and crypto-related firms have pledged to strengthen cooperation to tackle the illegal wildlife trade according to statements made at a business forum convened by United for Wildlife during London Climate Action Week.
Scientists have identified almost 166,000 square kilometres of coral reefs worldwide that appear capable of surviving and recovering from the impacts of climate change, offering new hope for some of the planet's most vulnerable marine ecosystems.
Australia's weather bureau warned on Tuesday that an El Niño weather pattern has formed in the tropical Pacific and could intensify in the second half of 2026, becoming one of the strongest events recorded in seven decades.
France’s parliament has formally recognised state responsibility for the use of the toxic pesticide chlordecone in Martinique and Guadeloupe, marking a significant step in addressing decades of environmental contamination and public health concerns.
Financial markets are significantly underestimating the economic impact of biodiversity loss, potentially leaving countries exposed to sovereign debt crises and rising borrowing costs, according to new research published on Friday.
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