Development banks promise to do more on climate

The world’s six major multilateral development banks have pledged to work harder to help developing nations reduce their contributions to climate change.

The statement from the World Bank Group and regional banks that provide financing to developing countries came weeks before United Nations Secretary-General Ban Ki-moon hosts a global summit in New York City centered on fighting climate change.

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“We now pledge to build on our work so far and to enhance our climate finance action, in accordance with our organizations’ respective mandates, expertise, and resources," the banks said, according to Reuters.

The UN is hoping through this event and a summit scheduled for next year in Paris to hash out an international plan to mitigate global warming and keep it to a minimum.

Developing nations are key to that effort, as they are frequently use some of the most carbon-intense fuels for electricity and cannot afford expensive measures to reduce emissions.

Ban is specifically asking countries to come to this month’s summit ready to announce “bold pledges” on climate.

“Nations face quite a challenge in meeting something that's considered ‘bold’ ” at the summit, Liz Gallagher of the London-based E3G environmental think tank told Reuters.

The development banks did not attach any specific targets to Thursday’s announcement.