World Bank to unveil climate fund for developing nations at COP27

World Bank president David Malpass is set to unveil on Tuesday a fund aimed at helping developing countries to cope with climate change.

It’s “a big trust fund” called SCALE, Malpass told Bloomberg TV in an interview on the sidelines of the UN climate summit COP27 taking place in the Egyptian Red Sea resort of Sharm El-Sheikh.

“I think of it as a giant resource need that can be filled by grants from the advanced economies.” he added.

Developing nations are struggling with a confluence of challenges, from rising prices and interest rates to the effects of climate change to a shortage in fertiliser, the World Bank official futher said. He added that the Russian war in Ukraine has exacerbated the problems.