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World Bank Group President Addresses Climate Change Challenges at IMF and World Bank Annual Meetings

Robert Zoellick, President of the World Bank Group 13 October 2008: The annual meetings of the Boards of

Governors of the International Monetary Fund (IMF) and World Bank took place on

13 October 2008, in Washington DC, US. Finance ministers from developing and

industrialized nations attended the event, which was preceded by a meeting of

the International Monetary and Financial Committee and the Development

Committee. Robert Zoellick, President of the World Bank Group, addressed the

meeting, noting the effects of the current financial crisis on energy and climate

change.

Underlining that “world energy markets are a mess,” he expressed

concern that “the most vulnerable countries and people are victimized by the

whole confusion – hit by high prices, price volatility, and climate change.”

Regarding the upcoming climate negotiations, he said clear pricing for carbon

may be vital for the UNFCCC, adding that agreement on a future climate regime

would also need to be supported by mechanisms to promote forestation and avoid

deforestation, develop new technologies and encourage their rapid diffusion,

provide financial support to poorer countries, and assist with adaptation.

Zoellick also highlighted that the Bank recently hosted a pledging session that

raised US$6.1 billion from ten countries for the Bank's new Climate Investment

Funds, resources which developing countries can use to address climate change

issues within their own development and anti-poverty strategies. [Annual meeting website]

[Address by

Robert Zoellick]