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.
Azerbaijan’s leadership as COP29 President was praised during high-level meetings in Mexico, where the two countries discussed climate diplomacy and the expansion of bilateral ties.
A delegation led by Yalchin Rafiyev, Deputy Minister of Foreign Affairs of the Republic of Azerbaijan and Chief Negotiator of COP29, participated in Climate Week in Panama, held from May 19–21, 2025, in Panama City.
With a global outlook and local context, Baku Climate Action Week (BCAW) will convene key stakeholders—from policy and finance to science, culture, and civil society—to help lay the foundations for a successful COP30. This will be the second time Azerbaijan has hosted BCAW.
Azerbaijan's Foreign Ministry has established the Climate Diplomacy Department to strengthen Baku's diplomatic role in the Baku-Belém Roadmap, aiming to foster international cooperation for a significant increase of financial resources to support developing countries.
At the Antalya Diplomacy Forum, COP29 President Mukhtar Babayev highlighted Azerbaijan’s climate leadership, unveiling the Baku to Belem Roadmap. The initiative aims to scale climate finance to $1.3 trillion by 2035, with global cooperation to support developing nations.
The foreign ministers of Kazakhstan and Burkina Faso met in Astana, marking the first such visit in history and setting the stage for deepened cooperation across various sectors, as Kazakhstan actively expands its engagement with the African continent.
Following his swift election, President Lee Jae-myung is expected to take a cautious approach to U.S. trade negotiations, using the transition period to reassess his strategy while monitoring the moves of China and Japan.
Tesla’s car sales in the UK plummeted by over 45% in May 2025, as growing political backlash and stronger competition impact the brand’s market share despite a booming electric vehicle sector.
Poland’s Special Representative for Afghanistan met with the Taliban’s acting foreign minister in Kabul to discuss political ties, Afghan refugees in Europe, and future economic cooperation, signaling a cautious but growing engagement between the two nations.
A surge of over 200 wildfires across Canada has forced tens of thousands to evacuate, with smoke drifting into the U.S. Midwest, triggering health alerts and affecting daily life on both sides of the border.
Taxi drivers across France are protesting government plans to cut payments for driving patients to medical appointments. These cuts are part of a broader effort by Prime Minister François Bayrou to save €40 billion in the 2026 budget and reduce the country’s large deficit.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
As peace talks progress, voices from Yerevan, Tbilisi, and Baku reveal hopes, concerns, and expectations for a future shaped by trade, trust, and generational change in the South Caucasus.
In a major blow to one of President Donald Trump’s key economic policies, a US federal court has blocked the administration’s sweeping global tariff regime, ruling that the White House overstepped its constitutional authority.
A bridge collapse in the Vygonichsky district of Russia’s Bryansk region, near the Ukrainian border, caused a train derailment and a traffic accident early Sunday, killing at least seven people and leaving 30 injured, according to emergency services.
A surge of over 200 wildfires across Canada has forced tens of thousands to evacuate, with smoke drifting into the U.S. Midwest, triggering health alerts and affecting daily life on both sides of the border.
Japanese researchers have unveiled a new plastic that fully dissolves in seawater within hours, offering a promising solution to the escalating crisis of ocean pollution and microplastics.
Prosecutors in Brazil have filed a lawsuit to annul a $180 million carbon offset agreement signed by the state of Para, citing legal and ethical violations in the high-profile rainforest conservation initiative backed by major global firms.
Europe is facing yet another climate-driven drought, with hotspots like Spain, Cyprus, and Greece under severe alert. Hydropower, agriculture, and tourism are already feeling the pressure after an unusually hot spring.
EU climate advisers are urging the bloc to stay firm on its 2040 climate target, warning that shortcuts could jeopardize long-term progress.
The foreign ministers of Kazakhstan and Burkina Faso met in Astana, marking the first such visit in history and setting the stage for deepened cooperation across various sectors, as Kazakhstan actively expands its engagement with the African continent.
Following his swift election, President Lee Jae-myung is expected to take a cautious approach to U.S. trade negotiations, using the transition period to reassess his strategy while monitoring the moves of China and Japan.
Tesla’s car sales in the UK plummeted by over 45% in May 2025, as growing political backlash and stronger competition impact the brand’s market share despite a booming electric vehicle sector.
Poland’s Special Representative for Afghanistan met with the Taliban’s acting foreign minister in Kabul to discuss political ties, Afghan refugees in Europe, and future economic cooperation, signaling a cautious but growing engagement between the two nations.
A surge of over 200 wildfires across Canada has forced tens of thousands to evacuate, with smoke drifting into the U.S. Midwest, triggering health alerts and affecting daily life on both sides of the border.
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