In climate diplomacy “I don’t think much can be achieved by indicating guilty and innocent countries”. Also because in the climatic field “the true innocents are very few and the guilty are many”. Thus the Prime Minister Mario Draghi responding at a press conference in Glasgow, on the sidelines of the COP26, on the position of India of Narendra Modi, reluctant to embrace the goal of climate neutrality by 2050, having to support the economic growth necessary to feed 1.4 billion citizens. “It is not by putting pressure on these countries that results are obtained – he continues – with the diplomacy of the clash, nothing is achieved”. On the contrary, it is necessary to move in the perspective of the “pursuit of common objective”, not of the “confrontation”, he stresses.
Multilateral development financial institutions, primarily the World Bank, which “does very little” in the climate field, “must move”, supporting and encouraging the mobilization of the private sector to finance the climate transition, Draghi then stressed.
To foster collaboration between the private and public sectors in the fight against climate change, he added, “there are actors that must absolutely be mobilized. All multilateral development banks, first and foremost the World Bank, must move. Because the World Bank, with the participation of governments, if any, can guarantee these projects. The World Bank has always been the synergistic or, as we used to say, catalytic actor, for the creation of these financial packages. It is the place that first comes to mind . But the World Bank still does very little about climate today. ” The president of the World Bank is David Malpass, former economic adviser to Donald Trump. He was also chief economist of Bear Stearns until 2008, when the investment bank was taken over by JP Morgan for a value equal to 6% compared to a year earlier.
“I wouldn’t worry too much” about the climate finance negotiation at Cop26. “It has been noted that we have not yet reached 100 billion dollars. To date we are at 82-83 billion. I would not worry too much, because you can always mobilize a placement of special drawing rights by the IMF, which is to make up the difference that exists today “, said the premier again.
Taking action against global warming is made even more urgent by the fact that, with the global economic recovery following the reopening after the mortality peaks from Covid-19, there has been an “extraordinary increase in climate-altering emissions” in the world. “We are already beyond pre-Covid levels,” he concluded.
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