Climate finance x Accountability

The World Bank Accountability Mechanism may be a name that’s not always easy to say in one breath. But our purpose is an essential one with a particular resonance this week as international discussions on climate change intensify at COP29.?

The World Bank, alongside other multilateral lending institutions, is significantly increasing the financial support it is offering to low- and middle-income countries to achieve ambitious climate outcomes.

Collectively, multilateral development banks estimate that, by 2030, the level of their climate funding will reach USD 120 billion a year, with an aim to mobilize an additional USD 65 billion from the private sector.

This is going to fund a great deal of projects. We and others in the accountability sector may see rising concerns and complaints from within affected communities, and we need to be ready to engage effectively with the climate-specific issues raised.

We at the World Bank Accountability Mechanism exist to ensure there’s a fair and independent process for people adversely affected by such projects – and to hold the Bank accountable for any potential/actual harm that may be caused by climate-related or any other project it funds.

Whether it is via a compliance review by the Inspection Panel or a facilitated engagement led by the new Dispute Resolution Service, we are there to enable the views of affected communities to be heard and their concerns addressed.

So, I’m delighted that my colleague, Ibrahim Pam , the chairperson of the Inspection Panel is moderating a discussion at COP tomorrow (Wednesday) in Baku that will explore the attention needed for accountability as development institutions increase their commitments to climate-finance lending.?

He will be joined by our IAMnet colleagues Sonja Derkum , the head of the Independent Redress Mechanism, Green Climate Fund , Andrea Kaempf, LL.M. , of the Independent Complaints Mechanism of the International Climate Initiative, and Jonathan Mead , Director of Investigations of Transparentem .

Please join in Baku or via Webex.

Event details: https://accountability.worldbank.org/en/news/2024/COP29-Why-Accountability-is-Key-to-a-Successful-Just-Transition

The World Bank Accountability Mechanism Secretariat was pleased to support the organization of this event.