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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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.
Azerbaijani non-governmental organisations have called on U.S. President Donald Trump to reject an appeal by the U.S.-based Lemkin Institute for Genocide Prevention. The appeal urges Washington to pressure Azerbaijan to release detainees of Armenian origin, including Ruben Vardanyan.
The United Nations Framework Convention on Climate Change (UNFCCC) has formally recognised Azerbaijan’s strong organisation and effective delivery of COP29, paving the way for deeper cooperation and the involvement of Azerbaijani specialists in future global climate initiatives.
On September 1, Azerbaijani President Ilham Aliyev met with Maldives President Mohamed Muizzu in Tianjin, China, to strengthen economic, trade, and tourism ties between the two nations.
The U.S. military is redirecting at least three Iranian-flagged tankers after intercepting them in Asian waters near India, Malaysia and Sri Lanka, shipping and security sources said on Wednesday. Meanwhile, Tehran said U.S. breaches, blockades and threats are undermining “genuine negotiations.”
Diplomatic efforts to end the Iran war are intensifying, with the White House confirming that U.S. President Donald Trump will send special envoy Steve Witkoff and adviser Jared Kushner to Islamabad for talks with Iran under Pakistani mediation.
Argentina has reiterated its interest in resuming talks with the United Kingdom over the Falkland Islands, a disputed archipelago in the South Atlantic, after reports that an internal Pentagon email suggested reviewing Washington’s support for the UK’s claim amid tensions over the Iran war.
Russian emergency services have contained a major fire at the Tuapse oil refinery on the Black Sea coast, local officials said on Thursday, ending a four-day effort after a Ukrainian drone strike.
Slovenia’s national broadcaster RTV Slovenia has confirmed it will not air the Eurovision Song Contest 2026, joining a widening boycott over Israel’s participation.
Global weather forecasters predict a strong El Niño will develop in the second half of 2026, bringing hotter, drier conditions to much of Asia while increasing rainfall in parts of North and South America.
Communities in Mexico have taken to the streets to protest against an ongoing oil spill in the Gulf of Mexico that has killed wildlife and damaged coral reefs over several weeks.
The World Meteorological Organization (WMO) has warned that the Earth’s climate system is becoming increasingly unstable, with new evidence showing a growing imbalance in how the planet absorbs and releases energy.
China is preparing for a year of extreme weather in 2026, with authorities warning the country could face both severe flooding and widespread drought, underscoring mounting climate pressures.
Heavy rain, flash floods and lightning strikes across Afghanistan have killed 28 people and destroyed hundreds of homes in Kabul, Herat and other provinces.
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