World Bank pledges $200 billion for climate action

The World Bank Group is doubling its five-year investments in climate action to around 200 billion dollars. It aims to fights the causes of climate change and adapt to the consequences affecting the world’s poorest people.

The World Bank Group has announced a new set of climate targets for 2021 to 2025 that double its current five-year investments to around 200 billion dollars.

Recognizing increasing climate change impacts on livelihoods, especially in the world’s poorest countries, the new plan boosts support for adaptation and resilience.

“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change,” explained World Bank Group President, Jim Yong Kim, in a statement.

According to the statement, the group’s actions will include supporting higher quality forecasts, early warning systems and climate information services to better prepare 250 million people in 30 developing countries for climate risks.

In addition, the expected investments will build more climate-responsive social protection systems in 40 countries and finance climate smart agriculture investments in 20 countries.

Other key efforts will include supporting the generation, integration and enabling infrastructure for 36 GW of renewable energy; helping 100 cities achieve low-carbon and resilient urban planning and transit-oriented development; and increasing integrated landscape management in up to 50 countries, covering up to120 million hectares of forests.

The new targets build on the World Bank Group’s 2016 Climate Change Action Plan. In 2018, the group provided a record-breaking 20.5 billion dollars in finance for climate action.

The 200 billion dollars across the group is made up of approximately 100 billion in direct finance from the World Bank and 100 billion of combined direct finance from the International Finance Corporation and the Multilateral Investment Guarantee Agency and private capital mobilized by the World Bank Group.

Photo credit: United Nations Photo/ CC BY-NC-ND 2.0

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