Washington: Leaders of the International Monetary Fund (IMF) and the World Bank have issued a joint statement at the G20 summit in India, emphasizing their commitment to addressing climate change, which they termed an "existential threat." The statement came from IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga, who has been a vocal advocate for climate action since taking office. They stressed the importance of helping member countries integrate climate and development goals.

The joint statement underscores the Biden administration's push for development lenders to provide more support for climate change mitigation and adaptation. The G20 summit offers an opportunity for member countries to collaborate on climate challenges, although it presents significant challenges, according to an insider.

In addition to climate change, the IMF and World Bank leaders pledged to work together to prevent the accumulation of debt vulnerabilities. They also announced plans to enhance support for countries in benefiting from new digital technologies while mitigating associated risks, including improving cross-border payments.

This united front from the IMF and World Bank demonstrates their shared commitment to addressing the global climate crisis and supporting sustainable development.