WB promises $200B in 2021/25 climate cash

James Marshall
December 5, 2018

The World Bank Group said on Monday that it would double its current five-year investments to US$200 billion in the period 2012 through 2025 to support countries in their climate action plans.

Kristalina Georgieva, World Bank CEO said: "People are losing their lives and livelihoods because of the disastrous effects of climate change".

Recall that in the U.S. told how much the country will be the fight against global warming.

The 2015 Paris climate agreement saw countries commit to limiting global temperature rises to well below two degrees Celsius (3.6 degrees Fahrenheit), and to the safer cap of 1.5C if at all possible.

The investment is made up of around $100 billion (£78.5bn) in direct finance from the World Bank and the remainder of combined finance from the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency and private capital mobilised by the Bank.

As part of its support to countries to meet their Paris Climate Agreement targets, the World Bank said in December past year that it would stop financing upstream oil and gas projects after 2019.

The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world's poorest countries.

"If we don't reduce emissions and build adaptation now, we'll have 100 million more people living in poverty by 2030", John Roome, World Bank senior director for climate change, warned.

It also revealed that the World Bank will develop a new rating system to track and incentivise global progress.

In addition, the measures will consist notably in supporting better forecasting, early warning systems and climate information systems to better prepare 250 million residents of 30 developing countries to climate risks.

It will also help at least 20 countries implement and update Nationally Determined Contributions and increase engagement with Ministries of Finance in the design and implementation of transformative low-carbon policies.

Former UN secretary-general Ban Ki-moon said the World Bank's pledge to use half its climate finance to find solutions to deal with changing weather patterns was "important". Other strategies will include increasing landscape management in up to 50 countries which will cover up to 120-million hectares of forests.

As reported by The Guardian, the top worldwide financial firm is making the amount available to fund action on drastic climate change, while aiming to reduce greenhouse gas emissions and helping countries survive the effects of global warming.

Other reports by Click Lancashire

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