Multilateral institutions, more specifically the World Bank and the International Monetary Fund, need to follow a gap-based approach to addressing climate challenges at speed and scale, a report by the Bretton Woods Committee’s Multilateral Reform Working Group said Monday.
The report comes just ahead of the April 17-19 scheduled meeting of the board of governors of the World Bank and the IMF to discuss issues of global concern.
“As our world faces the increasingly complex challenges of the ‘global commons’, it is time for these institutions to evolve again in line with their comparative advantages,” said authors Joaquim Levy, Axel Weber, and Siddharth Tiwari.
They argued for three gaps in the public sector’s approach that need to be addressed by the IMF and the World Bank. The first pertains to governance, while the second and third focus on implementation and accountability.
