Speaking at the World Government Summit (WGS) 2022, Mr. David Malpass, President of the World Bank Group has observed that, countries in the MENA region need to create 300 million jobs to avoid serious impacts on livelihoods and social stability and to achieve their development goals.
Mr. Malpass reminded the audience that the MENA region’s involvement in climate change was “complex” and that countries that import energy and food would be affected by supply and demand.
The World Bank Group President noted that the GCC countries were concerned about the global community’s desire to move away from oil, but needed to focus on sustainable performance and service delivery and that private capital could be mobilized to support government-owned balance sheets. Looking to the future based on renewables, Mr. Malpass suggested that the GCC’s passion for investing in hydrogen is a positive direction.
World Bank Group Official further stated that “Renewables can replace fossil fuels for industrial and residential electricity generation.”
Mr. Malpass added that the Middle East could address the major areas of pollution and power demand. The regional cooperation in the energy sector could extend GCC funding and expertise to other areas and accelerate progress towards development goals.
The Official also stressed the need for these countries to focus on trade relations, employment, capital mobility, investment in knowledge and enabling a strong business environment.
World Bank, Managing Director of Development Policy and Partnerships, Dr. Mari Pangestu, also addressed the audience at the Dubai Exhibition Centre.
Dr. Pangestu argued that the world was facing multiple interconnected crises and the current geopolitical uncertainty would significantly wipe out recent economic prospects, and governments needed to equip themselves in the face of rapid change.
