World Bank to almost double climate financing

22 Jan 19

The World Bank will ramp up its climate financing to $50bn over the next five years, which will be more than double the grants and loans it has given annually since 2015.

The Washington-based development bank has pledged an average of $10bn a year in climate financing – since 2015 it has given an average of $5bn of climate financing a year.

It has announced it will fund resilience projects, to prepare countries for the effects of climate change, which will also include looking at ways to bring in private finance, in its action plan on climate change launched last week.

The plan will be implemented in a five-year period starting June 2021.

World Bank chief executive officer Kristalina Georgieva, who will be interim president of the bank when Jim Yong Kim leaves next month, said: “The climate is changing so we must mitigate and adapt at the same time.

 “We will ramp up our funding to help people build a more resilient future, especially the poorest and most vulnerable who are most affected.”

Under the plan, the bank will support projects that include delivering higher quality forecasts, early warning systems and climate information in at least 30 countries.

It will also help build more climate-responsive social protection systems and support early and faster recovery efforts from climate and disaster shocks.

Ban Ki-moon, former secretary-gender of the United Nations and co-chair of the Global Commission for Adaptation, said: “The world’s poorest and most climate vulnerable countries stand to benefit from its increased finance and support for longer term policy change.”

Some of the projects, including a new rating system to track global adaptation and resilience, will be tested this financial year and rolled out to the relevant sectors by 2021.

 

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