World Bank president David Malpass said the lender's staff and people are 'very focused on getting solutions to problems around the world, including the climate challenges'. Getty Images
World Bank president David Malpass said the lender's staff and people are 'very focused on getting solutions to problems around the world, including the climate challenges'. Getty Images
World Bank president David Malpass said the lender's staff and people are 'very focused on getting solutions to problems around the world, including the climate challenges'. Getty Images
World Bank president David Malpass said the lender's staff and people are 'very focused on getting solutions to problems around the world, including the climate challenges'. Getty Images

Business

Economy

World Bank chief says he will keep 'intense' focus on efforts to address climate change

David Malpass came under fire for declining to say whether he accepted the scientific consensus on global warming

Reuters

October 08, 2022

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World Bank president David Malpass has said that he is keeping an "intense" focus on the bank's efforts to address climate change and embracing the US Treasury's call to dramatically boost lending capacity to address this and other global problems.

Two weeks after Mr Malpass came under fire for declining to say whether he accepted the scientific consensus on global warming, he said that there is very strong support from the World Bank board, from staff and from the US government for the lender's climate initiatives that he is leading.

Asked if he expected to complete his five-year term despite some US Democratic legislators urging President Joe Biden to seek his replacement, Mr Malpass said: "World Bank staff and people are very focused on getting solutions to problems around the world, including the climate challenges. One of my goals is to have that focus be very strong and intense."

He said there were a lot of climate tasks and "that we're in the middle of that it's really important to keep pushing forward on and completing".

Mr Malpass, a former US Treasury official, was nominated by then-president Donald Trump in 2019 for a five-year term that ends in April 2024. The US is the largest shareholder of the World Bank, which has been led by an American since it began operations in 1946.

His comments came on the eve of the World Bank and International Monetary Fund annual meetings, at which climate, issues relating to the war in Ukraine, pressures from inflation, debt distress and food insecurity will be among major topics.

US Treasury Secretary Janet Yellen on Thursday urged the World Bank and other multilateral development lenders to revamp their business models and dramatically scale up lending to address pressing global needs, with climate change and the transition to clean energy at the top of the list.

She said the World Bank should produce an "evolution road map" by December to meet these challenges.

Mr Malpass said he was fully supportive of Ms Yellen's directive and that the bank was already working with shareholders to stretch its resources to boost lending in the face of "a major set of crises".

"She's raising very good points about the need for evolution of the international financial institutions in the face of a crisis and also in the face of a great deal of change going on in the world, so we embrace that," Mr Malpass said.

Our commentary on Brexit
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
School uniforms report
Kat Wightman's tips on how to create zones in large spaces

 

  • Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
  • Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
  • Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
  • Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
  • Use a considered collection of prints and artworks that work together to form a cohesive journey.
Updated: October 08, 2022, 11:55 AM
EconomyClimate changeWorld Bank