The CSO coalition sent the letter to the US Treasury and all the WBG executive directors regarding a call for an evolution of the World Bank Group (WBG) and of multilateral development banks (MDBs) more broadly to help ensure that the world’s development finance system can effectively address the needs of the 21st century.
Rather than a focus on expanded financing areas and means, we urge a push for transformational reforms at the WBG (and across MDBs) to address detrimental and disqualifying systemic issues. These reforms – like ending financing for fossil fuels, industrial animal agriculture, and activities that harm biodiversity, as well as rejecting misguided approaches to private finance, and regressive policy advice – would in themselves free up significant finance and political space for truly sustainable and just development solutions. The WBG cannot be entrusted with new capital to expand problematic business-as-usual approaches.
Photo by Eric Kayne/AP Images for Glasgow Actions Team
