MIGA is committed to sustainable development. Our third Sustainability Report explores how this commitment has been fulfilled in 2023. We provided $1.5 billion in guarantees for climate adaptation and climate mitigation finance. In total, climate finance represented 28 percent of MIGA’s guaranteed investments in FY23.
It is my privilege to introduce MIGA’s Sustainability Report 2023, which comes at a decisive juncture for the global community, the World Bank, IFC and MIGA. In September, the United Nations published its first official assessment of the collective progress on addressing climate change since the 2015 groundbreaking Paris Agreement, in which virtually every country agreed to pursue efforts to hold global warming to 1.5 degrees Celsius above pre-industrial levels.
The stocktake does not mince words: "The window to keep limiting warming to 1.5 °C within reach is closing rapidly, and progress is still inadequate based on the best available science." In fact, we can see and feel the impact of climate change in our own lives and on people and our planet in the multiplying examples of extreme heat, wildfires, droughts and flooding. The report’s technical findings clearly set out the urgent need for more to be done by all actors, as well as the dire consequences if we fail to act boldly now.
The World Bank has been doing its own stocktake to assess our contribution to tackling the many global challenges facing our clients and client countries, including climate change and sustainability. The World Bank can count many areas of progress and impact, starting with its role as the leading provider of climate-related development finance; the launch of groundbreaking individual Country Climate and Development Reports that recommend critical actions to tackle climate change and, since July 1st, 2023, alignment of new projects with the goals of the Paris Agreement.
MIGA is committed to sustainable development. Our third Sustainability Report explores how this commitment has been fulfilled in 2023. We provided $1.5 billion in guarantees for climate adaptation and climate mitigation finance. In total, climate finance represented 28 percent of MIGA’s guaranteed investments in FY23.
It is my privilege to introduce MIGA’s Sustainability Report 2023, which comes at a decisive juncture for the global community, the World Bank, IFC and MIGA. In September, the United Nations published its first official assessment of the collective progress on addressing climate change since the 2015 groundbreaking Paris Agreement, in which virtually every country agreed to pursue efforts to hold global warming to 1.5 degrees Celsius above pre-industrial levels.
The stocktake does not mince words: "The window to keep limiting warming to 1.5 °C within reach is closing rapidly, and progress is still inadequate based on the best available science." In fact, we can see and feel the impact of climate change in our own lives and on people and our planet in the multiplying examples of extreme heat, wildfires, droughts and flooding. The report’s technical findings clearly set out the urgent need for more to be done by all actors, as well as the dire consequences if we fail to act boldly now.
The World Bank has been doing its own stocktake to assess our contribution to tackling the many global challenges facing our clients and client countries, including climate change and sustainability. The World Bank can count many areas of progress and impact, starting with its role as the leading provider of climate-related development finance; the launch of groundbreaking individual Country Climate and Development Reports that recommend critical actions to tackle climate change and, since July 1st, 2023, alignment of new projects with the goals of the Paris Agreement.