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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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 United Nation’s climate chief says a delay in choosing the host for next year’s COP31 summit is causing problems. It's after Australia and Türkiye submitted bids in 2022 to host the high-profile conference in 2026. Sydney said it's received the most votes.
The first side event of the Global South NGO Platform, initiated by Azerbaijan, was held in Bonn, Germany this week.
Ukraine has welcomed the European Union’s decision to provide €90 billion in support over the next two years, calling it a vital lifeline even as the bloc failed to reach agreement on using frozen Russian assets to finance the aid.
Thousands of Bulgarians took to the streets on Thursday evening to protest against the outgoing government, demanding fair elections and judicial reforms to address what they describe as widespread corruption.
Ukrainian President Volodymyr Zelenskyy arrived in Poland on Thursday following a summit of the European Council in Brussels.
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US intelligence assessments indicate that Russian President Vladimir Putin continues to seek full control of Ukraine and to expand Russia’s influence in parts of Europe formerly under Soviet rule, contradicting repeated claims that Moscow poses no threat to the continent.
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At least 37 people have been killed in flash floods triggered by torrential rain in Morocco's Atlantic coastal province of Safi, Moroccan authorities said on Monday (15 December).
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An extratropical cyclone has caused widespread disruption across Brazil’s São Paulo state, with powerful winds toppling trees and power lines, blocking streets and leaving large parts of the region without electricity.
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