With this strategy, the Bank reaffirmed its commitment to environment and sustainable development. This new environment strategy takes into consideration the changes in the world community and its internal structure.

The World Bank Director for Environment, Kristalina Georgieva introduced the new strategy entitled, 'Making Sustainable Commitments: An Environment Strategy for the World Bank.' The World Bank's Board had approved the strategy in July 2001. The World Bank aims to work with the UN and other partners in dealing with environmental issues in client countries, which will "create a better and more sustainable world for all."

Georgieva told reporters that the Bank realized the need for a new strategy in light of the changes since the Earth Summit in Rio di Janeiro in 1992. At the time, a major portion of financing for development was done by the World Bank. However, today the private sector's contributions to development outstrip the Bank's development funding by more than 10 times. The internal lending structure of the World Bank has also changed< from macro-oriented lending to projects dealing with education and health.

The new strategy was also spurred on by the realization of the link between poverty and environment.

"Institutional realignment is important in this new strategy," Georgieva said, while explaining the World Bank's new role. She said the Bank will hold itself accountable to the world community on the progress it is making in their development projects. "We can meet here again next year and I will tell you what we have done," she said, implying her institution's commitment.

Georgieva was asked by an audience member why the strategy focused more on environment and less on sustainable development. She acknowledged that it did, but added, "To the World Bank, the environment is important because it matters to the people." She said the strategy hopes to find sustainable solutions to environmental problems.

The new strategy aims to improve the quality of life by reducing environmental health risks, improving people's livelihoods and protecting those against vulnerable to environmental change. It hopes to increase the quality of growth by encouraging sustainable private sector development.