U.S. Treasury Secretary Janet Yellen said Thursday that international development banks need to change their investment strategies to better respond to global challenges like climate change.
U.S. Treasury Secretary Janet Yellen says international development banks need new strategies to help countries finance the transition to low-carbon sources of energy like this rooftop solar project in Jordan.KHALIL MAZRAAWI/AFP via Getty Images
The International Monetary Fund and the World Bank are among the largest, most active development banks. While the banks have a"strong record" of financing projects that create benefits in individual countries, investors need more options to address problems that cut across national borders, Yellen said.
Climate change is a"prime example of such a challenge," she said, adding,"No country can tackle it alone."Group in Washington.
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