Climate Focus Intensifies Amidst Global Trade Tensions

Multilateral development banks are increasing their investments to combat climate change, especially amid uncertainties about U.S. policy during Trump's administration. EBRD President Renaud-Basso emphasized this shift while highlighting growth challenges due to trade tensions and Turkey's monetary reform progress.

Multilateral development banks are intensifying their investment efforts in combating climate change, according to the European Bank for Reconstruction and Development President, Odile Renaud-Basso. This move comes amidst growing concerns over U.S. climate policy under President-elect Donald Trump, who has labeled climate change a hoax.

Renaud-Basso expressed during a Reuters interview that MDBs are significantly increasing their investment activities in the green sector. The EBRD is set to allocate billions to assist developing countries in managing climate change effects. Meanwhile, the International Energy Agency projects a global investment of $2 trillion in clean energy and infrastructure this year.

Amidst global trade tensions and the prospect of rising tariffs from the U.S. under Trump, Renaud-Basso warned of adverse impacts on emerging market growth. She emphasized the importance of policy stability in regions like Turkey, which has undertaken monetary reforms to reduce economic imbalances.

(With inputs from agencies.)