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1. FINANCE

World Bank preparing a new, expanded approach to climate change

World Bank President Jim Yong Kim has instructed his staff to develop a new approach to climate change, a proposal he intends to bring to the board this spring. At his direction, bank staff members are quietly working up a blueprint that, sources say, is likely to include plans for expanding the bank's work in carbon markets, ending fossil fuel and other subsidies and making cities more resilient to climate change. But according to board staff and others knowledgeable about the process, the work is being conducted in extreme secrecy.

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