Sen. Martin Heinrich

JEC News:

WASHINGTON, D.C. — Sen. Martin Heinrich, (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), sent a letter with Senators Sheldon Whitehouse (D-RI), Ed Markey (D-MA), Brian Schatz (D-HI) and Peter Welch (D-VT) and Rep. Katie Porter (CA-47) to the World Bank Group’s newly elected president, Ajay Banga. The letter calls on President Banga to direct more World Bank resources and investments to projects that will address climate change. 

“[I]t is imperative that the World Bank increase investment in projects which advance climate adaptation and mitigation goals, provide clear and transparent metrics on what projects the Bank funds to meet these goals, and efficiently leverages private resources to expand the reach of these climate efforts,” the letter said. 

The letter urges President Banga to increase funding to expand the World Bank’s climate work, and points to recent successful climate projects, including expansion of the Indian solar industry, the development of climate-smart agriculture in Uruguay, and efforts to expand electrification in Kenya.  

In addition to those efforts, the letter also calls on the World Bank to take “aggressive action” to cease investment in fossil fuel projects and to leverage private sector capital to accelerate climate action. 

The full letter can be found here.