President Hoyer joined Ministers of Finance and leaders of international finance institutions, central banks and other key stakeholders at the April 2021 minister-level meeting of the Coalition of Finance Ministers for Climate Action, on the margins of the Spring Meetings of the World Bank Group and the International Monetary Fund. Speaking live in a session on the roles of ministries of finance and central banks in coordinating climate risk management, President Hoyer discussed lessons learned to identify and manage climate-related financial risks as well as opportunities and approaches for effective climate and nature-related financial risk management.
The meeting provided a forum to discuss global priorities for economic and financial policies addressing the climate crisis, reflect on joint priorities to mitigate climate-related financial risks and consider policy options towards decarbonization of our economies through different tools, including carbon pricing.
World Bank Group President David Malpass and IMF Managing Director Kristalina Georgieva delivered opening remarks noting key climate priorities. Other speakers included United States Secretary of the Treasury Janet Yellen, European Commission Executive Vice-President Valdis Dombrovskis, OECD Secretary-General Angel Gurría, and Ministers of Finance from around the world.
A focus on green recovery and mitigation
The coalition stepped up calls for green growth investments as part of a global shift toward an inclusive and resilient recovery from the COVID-19 pandemic. Yet, mitigating climate-related financial risks by facilitating an orderly transition to a low-carbon economy requires coordinated and ambitious efforts across the public and private domains, as well as the financial and economic sectors.
EIB at the World Bank Group/IMF Spring meetings
The Spring Meetings of the World Bank Group and the International Monetary Fund (IMF) bring together central bankers, ministers of finance and development, private sector executives, civil society, media and academics to discuss issues around global economy, international development and the world's financial markets in the midst of the COVID-19 pandemic.
As a key player in international development, the European Investment Bank (EIB) will be represented in the 2021 Annual Meetings through a delegation led by President Werner Hoyer and Vice-Presidents Ambroise Fayolle and Ricardo Mourinho Félix.