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U.S. climate envoy Kerry: We need multilateral development bank reform


FILE PHOTO: John Kerry, U.S. Special Envoy for Climate speaks as he attends the opening of the American Pavilion in the COP27 climate summit in Egypt’s Red Sea resort of Sharm el-Sheikh, Egypt November 8, 2022. REUTERS/Mohammed Salem

SHARM EL-SHEIKH, Egypt (Reuters) — Multilateral development bank reform is absolutely critical, U.S. climate envoy John Kerry said on Wednesday, speaking at a Bloomberg side event at the COP27 summit in Egypt.

«We absolutely need to have multilateral development bank reform. We need to do it by the next spring meeting of the banks,» Kerry said.

«We need to put to use rules which actually allow a major significant drawing on capital above what we have, without a new capital infusion to the banks, and which also does not affect their triple A ratings. That can be done.»

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