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Multilateral Development Banks, IMF Call for Comprehensive Global Climate Change Regime

2 December 2009: The Heads of the Multilateral Development Banks and the International Monetary Fund (IMF) appealed in a joint statement to the parties to the UNFCCC to agree in Copenhagen on the foundations for an ambitious, comprehensive and equitable global climate change regime that enables all countries to achieve sustainable development along climate-resilient and low greenhouse gas emission-intensive paths. The Heads of the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), the World Bank Group and the IMF also committed their organizations to the use of technical assistance and funds to further support their environmental goals. 

 

The Joint Statement states that it is critical that developed countries continue to take the lead in the mitigation of climate change by adopting adequate quantitative emissions reduction targets beyond 2012, and support and enable nationally appropriate mitigation measures (NAMAs) by developing countries with technology, financing and capacity building. It further recognizes that stabilizing atmospheric concentrations of greenhouse gases within safe levels would require adequate, predictable and sustainable financial flows to developing countries, as well as policies in all major economies conducive to the creation of a broadly similar carbon price signal around the world. [The Joint Statement]