2021 is a crucial year for climate, and COP26 is only a few weeks away. The COVID-19 crisis presents a unique opportunity to build back greener and smarter. Shutdowns and reductions in activities during the pandemic demonstrated the need to rethink social and economic models of development to make them more inclusive and sustainable.

As many countries begin to resume economic activity, parliamentarians as representatives of the people and advocates of their aspirations, have an important role to play in charting a new path. This session provided a platform for parliamentarians and experts from the World Bank Group and the IMF to discuss how to build back greener and smarter, as well as climate policy priorities for the years to come.

Furthermore, it presented an opportunity for the World Bank to elaborate on the Climate Change Action Plan 2021–2025 to advance the climate change aspects of the WBG’s Green, Resilient, and Inclusive Development (GRID) approach, which pursues poverty eradication and shared prosperity through a sustainability lens. The IMF discussed its plans for carbon pricing and policy reforms for mitigation, adaptation, and the transition to a low-carbon economy.