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Paris summit aims to shake up the financial system. It will test leaders' resolve on climate
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FILE - International Monetary Fund Managing Director Kristalina Georgieva walks to the podium during the 2022 annual meeting of the International Monetary Fund and the World Bank Group on Oct. 14, 2022, in Washington. Heads of state, finance leaders and activists from around the world will converge in Paris this week to seek ways to overhaul the world's development banks — like the International Monetary Fund and World Bank — and help them weather a warmer and stormier world. - photo by AP Photo/Manuel Balce Ceneta, File
WASHINGTON (AP) — Heads of state, finance leaders and activists from around the world will converge in Paris this week to seek ways to overhaul the world's development banks — like the International Monetary Fund and World Bank — and help them weather a warmer and stormier world. While restructuring debt and reducing poverty will be part of the summit Thursday and Friday, climate will be the main driver, with representatives from developing nations in Africa, Asia and elsewhere having a prominent seat at the table. The World Bank and IMF have been criticized for not factoring climate change into lending decisions and being dominated by wealthy countries like the U.S. with the neediest nations most at risk of global warming left out of calling the shots.