President of the World Bank urged to stand against the climate change
Speaking at an economic forum in Davos, World Bank President Jim Kim, called financial leaders, including heads of banks, regulators and investors to take responsibility for combating climate change, as reported by Blue & Green Tomorrow.
At a joint press conference with UN Secretary-General Ban Ki-moon and President of the European Commission Jose Manuel Barroso, Kim told members of the press: «This year, it is necessary to take measures to prevent climate change. Now there can be no excuses».
He noted that governments are likely to affect the level of pollution with the appropriate sanction. In addition, the President must gradually reduce subsidies for fossil fuel production. «$ 1.9 trillion in subsidies can be invested in the development of environmental sources. Climate change is available» - said the head of the World Bank.
Kim urges investors to act without waiting for favorable market conditions. Moreover, he requires financial institutions talking about environmental risks and lining up their activities in accordance with the environmental impact of our planet. Sooner or later, everyone must realize that the economy is based on industry, resulting in permanent carbon, which carries a significant risk to the environment.
President of the World Bank urged the public to pay attention to the so-called green bonds. He believes that it is necessary to increase the number of investors willing to invest in environmentally friendly companies. You must require depositors to replenish their portfolio with some significant number of green bonds.
Barroso supported Kim’s initiative and urged the media to focus more on environmental issues in 2014.
Topic of climate change was first on the agenda at the annual forum in the picturesque region of Switzerland. The event was attended by over 30 heads of state and government and 1,500 business leaders. At the end of the discussion of environmental problems, Kim said: «After 20 years, each of us should ask what he has done to combat the climate change».
