WORLD Bank Group President Mr David Malpass on Thursday promised record spending "in the way that gets the most results" on climate change action. The multilateral group is the largest provider of funding and finance for developing countries.

"The core of the plan is to spend more, in fact record amounts," said Mr Malpass, during a virtual session at the ongoing Leaders’ Climate Summit.

The World Bank chief said their commitment to tackle the climate crisis will focus on flattening Greenhouse Gas (GHG) emissions from the world's biggest emitters and accelerate the downtrend.

"It also means record spending on adaptation – that's at least 50 per cent of our climate finance – to help countries prepare for and adapt to climate change," he added.

The World Bank has reached its highest-ever levels of climate finance in the past two years, he shared, and they committed to big increases in spending, focus on results, plus active private sector mobilisation through its arms International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA).

Mr Malpass also acknowledged what he called the "severity and the inequality of the current environment," noting that poverty, inequality and climate change are linked and require a comprehensive, inclusive solution.

The International Monetary Fund (IMF) also called for robust price on carbon to provide a "critical market signal" to producers and consumers in all sectors of the economy.

"It has proven to advance investments in renewable energy, electric mobility, energy efficient buildings, reforestation and other climate friendly activities – with positive impact on growth and jobs, while reducing carbon emissions," said IMF Managing Director Ms Kristalina Georgieva.

Carbon revenues can help secure a just transition, compensating households for price increases and helping businesses and workers move from high to low carbon intensity activities, she said.

IMF analysis shows that a mix of steadily rising carbon prices and green infrastructure investment could increase global Gross Domestic Product (GDP) by more than 0.7 per cent per year over the next 15 years and create millions of jobs.

The IMF chief also proposed an international carbon price floor among large emitters, such as the G20 grouping of nations. "Focus on a minimum carbon price among a small group of large emitters could facilitate an agreement, covering up to 80 per cent of global emissions," she explained.

Such a price floor has to be "pragmatic and equitable with differentiated pricing" for countries at different levels of economic development.

Crucially, a price floor could avoid less efficient and contentious border carbon adjustments if some countries move ahead with robust pricing while others do not.