WB intends to support strengthening of financial institutions in developing countries

It is necessary to pay attention to strengthening financial institutions in developing countries, and banks can develop appropriate projects for this purpose, Demetrios Papathanasiou, the World Bank's Global Director for Energy and Extractives, said at the ministerial dialogue held within the 29th session of the UN Climate Change Conference (COP29) in Baku, Report informs.

He noted that $500 billion is spent annually on fossil fuels: "We need to redirect these funds towards renewable energy. The funds allocated by banks should be used to prevent financial losses during the transition to renewable energy and debt repayment. The World Bank is working on this issue. We have mobilized our resources for this. We have also launched the 'Mission 300' program, which aims to provide electricity to 300 million people in Africa."