IMF and World Bank Brace for Trump's Climate Policy Impact

Leaders of the World Bank and IMF plan to collaborate with President-elect Trump, aiming to sustain financing for developing nations affected by climate change amid concerns over U.S. policy shifts. Ajay Banga and Kristalina Georgieva express confidence in private sector involvement despite Trump's 'America First' stance possibly affecting multilateral climate efforts.

On Tuesday, the World Bank and International Monetary Fund's leaders announced their intention to work with incoming U.S. President Donald Trump to maintain financial support for developing countries battling climate change.

IMF chief Kristalina Georgieva, speaking at the U.N. COP29 climate summit in Azerbaijan, expressed confidence in continued U.S. private sector investment in green technologies despite Trump's election. The U.S., a significant IMF and World Bank shareholder, has raised questions about their climate funding capabilities.

World Bank President Ajay Banga acknowledged Trump's historic electoral win and underscored the importance of respect and strategic dialogue. He emphasized the need for ongoing private investment and efficient banking operations amid shifting governance in major donor countries.

(With inputs from agencies.)