Putting people and planet into perspective
“We need to join hands to have impact on the ground or else we’ll be too fractured and too thinly spread,” says Sanjay Srivastava, World Bank Practice Manager for Environment, Natural Resources and Blue Economy By Howard Hudson, OPEC Fund
Climate Finance Workshop
“F ocus on the client and beneficiary” was a common refrain during the climate finance workshop held at the OPEC Fund Headquarters in January 2024, which delved into a range of critical issues with close partners from the World Bank. Following a welcome speech by Fuad Albassam, Vice President, Public Sector the scene was set by Sanjay Srivastava, World Bank Practice Manager for Environment, Natural Resources and Blue Economy and Saša Eichberger, World Bank Senior Environmental Specialist.
The morning sessions covered the basics of climate finance including definitions, mechanisms and stakeholders, as well as metrics and indicators for tracking financial flows to both mitigation and adaptation projects. The sessions featured contributions from members of the World Bank’s “Design for Climate” team: Miriam Privarova explained how mitigation financing is measured, while Aref Kaal went in depth into adaptation calculations. The team then discussed infrastructure project examples on
how climate financing is attributed to projects. The World Bank’s Sanjay Srivastava highlighted the importance of taking a unified approach: “We [the World Bank and the OPEC Fund] have agreed to use the same methodology in order to ensure a consistency of measurement in terms of how much money is going to climate financing. Once we’ve achieved that, the next task is to collaborate on how to design our developmental interventions in such a way that we maximize their climate competitiveness.”
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