121. Reforming the World Bank and MDBs to Meet Shared Global Challenges
- Author:
- Center for Global Development
- Publication Date:
- 10-2022
- Content Type:
- Policy Brief
- Institution:
- Center for Global Development
- Abstract:
- Last July, the Center for Global Development hosted a meeting with other think tanks to exchange perspectives on the multilateral development bank (MDB) system. We shared a common diagnosis that MDBs must more aggressively address the global challenges that defy national borders and threaten human life as we know it. By virtue of its global reach, financial firepower, and expertise, the World Bank is especially well positioned to be a major driver of progress on climate, pandemic preparedness natural resource conservation, and other global public goods. But it is not meeting its full potential. Participants at our meeting agreed to set out a shared “call to action” where we lay out ideas to evolve the World Bank. The central ideas are to make climate mitigation and adaptation a core component of the World Bank’s mandate; greatly expand its financing capacity; create more incentives for countries to invest in climate and health preparedness; and reform the organizational structure of the institution. Together these could help lay the foundation for a modern World Bank that is meeting the defining challenges of our time head on. Unless otherwise noted, we the undersigned support these ideas in our personal capacity. More information on related work underway in our organizations can be found at our respective websites.
- Topic:
- Sovereignty, Reform, Finance, and Banking
- Political Geography:
- Global Focus