May marked the month with the highest combined average temperature over global land and ocean surfaces in the 137 years of record-keeping. This was just one of the startling figures that greeted Treasury and climate change colleagues at the start of their recent Climate Action Seminar.

World Bank Vice President and Treasurer, Arunma Oteh, and Sustainable Development Vice President, Laura Tuck, joined forces to host the seminar to energize and engage Treasury staff on climate change and the role of financing. "We can change and must respond to this crisis with urgency," Oteh said at the seminar's opening.   

Following the announcement of the World Bank's Climate Action Plan in April, bold action and intense cooperation are needed. The Bank plans to help developing countries add 30 gigawatts of renewable energy—enough to power 150 million homes—to the world's energy capacity, bring early warning systems to 100 million people and develop climate-smart agriculture investment plans for at least 40 countries—all by 2020. Collaboration across the Bank Group and partnership with the private sector will be key in achieving these ambitious targets particularly when it comes to financing requirements. ... Read More