unmitigated climate change and its budgetary implications are potentially significant for advanced, emerging, and developing countries alike. • finally, environmental protection offers an opportunity for growth, not an obstacle to development. this principle should underpin economic policies in advanced and developing countries, as well as development assistance, whether bilateral or multilateral. the role of the world bank in fighting climate change as an international organization, the world bank is well - positioned to face the challenges of combating the effects of climate change as they relate to “ global public goods. ” as a financial institution, it is well suited to address the intergenerational problems that climate change poses. finally, as a multisectoral development agency, the bank can make use of its expertise in many policy areas and engage clients in fruitful dialogue, providing an extensive menu of customized policy options. we particularly welcome the emphasis placed by the strategic framework on market - based instruments and energy efficiency. in particular, well - functioning and more integrated carbon markets are not only cost - effective environmental tools, they also have the potential to foster a more cooperative stance by developing countries by providing new incentives for them to join mitigation efforts and support innovative technologies. both italy and the european union are leaders in pioneering market - based instruments to address climate change. the european trading system, while still in its early stages and with ample scope for improvement, is the world ’ s first trading scheme in operation. its success has provided a benchmark for the introduction of similar schemes worldwide. the bank can contribute positively to the promotion of more liquid and integrated carbon markets and help clients reap the gains that will result from an increased demand for environmental protection. as regards energy efficiency, we believe that policy dialogue has the potential to generate benefits for both industrialized and developing countries. the bank traditionally has a comparative advantage in the area of energy sector reform as it can help clients pursue sustainable energy policies, establish sound regulatory systems that may mobilize additional private sector resources, and ease the financial challenges posed by climate change. enhancing voice and participation of developing and transition countries we welcome the proposed sequential approach to enhancing “ voice ” within the world bank group. the proposal of a single package that envisages different milestones will accelerate the voice reform process, a process that will add to the bank ’ s legitimacy and credibility by increasing the representation of its poorest members. we also believe that the world bank group will benefit from early adoption of those measures that already meet with broad

from february 2020 through april 2020. source : bureau of economic analysis, personal consumption expenditures price index ; zillow observed rent index ; corelogic single family rent index ( sfri ). figure 6 : measures of household borrowing rates quarterly percent average outstanding mortgage rate 30−year fixed−rate mortgage average in the u. s. 2024 : q1 2024 : q1 note : the gray shaded bar indicates a period of business recession as defined by the national bureau of economic research. the shaded recession period extends from february 2020 through april 2020. source : federal reserve board figure 7 : average monthly mortgage payment and prime rate dollars percent average monthly payment ( left scale ) prime rate ( right scale ) 2024 : q1 2024 : q1 note : the solid line shows the average monthly payment on first−lien mortgages for households with a mortgage, by quarter, in real 2023 dollars ; the series is based on data from the federal reserve bank of new york / equifax consumer credit panel. the dashed line shows the quarterly average prime rate for 30−year fixed−rate mortgages reported in freddie mac's primary mortgage market survey. source : federal reserve bank of new york / equifax consumer credit panel ; freddie mac.