The World Bank Group (WBG) and the International Monetary Fund (IMF) have launched the Enhanced Cooperation Framework for Climate Action. Madagascar will be the first to benefit from this initiative through the Resilience and Sustainability Facility (RSF) approved by the IMF, with active support from the WBG.
Madagascar will leverage the WBG’s Country Climate and Development Report and the IMF’s Climate Policy Diagnostics to guide its efforts. The focus will be on green and resilient investments and adaptation measures that provide immediate benefits. This includes improving public investment management, creating a new mining code to address social and environmental issues, and expanding renewable energy to increase electricity access.
Implications for Sri Lanka
Sri Lanka can also benefit from this program in several ways:
- Poverty Reduction: Climate change exacerbates poverty in Sri Lanka, similar to Madagascar. This program can help Sri Lanka become more resilient to climate change, thereby reducing poverty and improving livelihoods.
- Collaboration: The program encourages cooperation among government, private sector, and civil society to tackle climate issues. For Sri Lanka, this means bringing together all stakeholders to create effective climate action plans.
- Green Investments: The program promotes green and resilient investments. In Sri Lanka, this can lead to more projects focused on sustainability, such as renewable energy and environmentally friendly infrastructure.
- Renewable Energy: For Madagascar, the program includes expanding renewable energy and reducing electricity costs. Sri Lanka can similarly benefit by improving access to affordable, clean energy, particularly in rural areas.
