13 October 2008: The annual meetings of the Boards of
Governors of the International Monetary Fund (IMF) and World Bank took place on
13 October 2008, in Washington DC, US. Finance ministers from developing and
industrialized nations attended the event, which was preceded by a meeting of
the International Monetary and Financial Committee and the Development
Committee. Robert Zoellick, President of the World Bank Group, addressed the
meeting, noting the effects of the current financial crisis on energy and climate
change.

Underlining that “world energy markets are a mess,” he expressed
concern that “the most vulnerable countries and people are victimized by the
whole confusion – hit by high prices, price volatility, and climate change.”
Regarding the upcoming climate negotiations, he said clear pricing for carbon
may be vital for the UNFCCC, adding that agreement on a future climate regime
would also need to be supported by mechanisms to promote forestation and avoid
deforestation, develop new technologies and encourage their rapid diffusion,
provide financial support to poorer countries, and assist with adaptation.
Zoellick also highlighted that the Bank recently hosted a pledging session that
raised US$6.1 billion from ten countries for the Bank’s new Climate Investment
Funds, resources which developing countries can use to address climate change
issues within their own development and anti-poverty strategies. [Annual meeting website]
[Address by
Robert Zoellick]