Washington, D.C.—Today, Senator Martin Heinrich, (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), sent a letter with Senators Sheldon Whitehouse (D-RI), Ed Markey (D-MA), Brian Schatz (D-HI) and Peter Welch (D-VT) and Rep. Katie Porter (CA-47) to the World Bank Group’s newly elected president, Ajay Banga. The letter calls on President Banga to direct more World Bank resources and investments to projects that will address climate change.
“[I]t is imperative that the World Bank increase investment in projects which advance climate adaptation and mitigation goals, provide clear and transparent metrics on what projects the Bank funds to meet these goals, and efficiently leverages private resources to expand the reach of these climate efforts,” the letter said.
The letter urges President Banga to increase funding to expand the World Bank’s climate work, and points to recent successful climate projects, including expansion of the Indian solar industry, the development of climate-smart agriculture in Uruguay, and efforts to expand electrification in Kenya.
In addition to those efforts, the letter also calls on the World Bank to take “aggressive action” to cease investment in fossil fuel projects and to leverage private sector capital to accelerate climate action.
The full letter can be found here.
###
About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.??
