World Bank announces $200bn for climate action

The World Bank Group has announced a new set of climate targets for 2021-2025, doubling its current 5-year investments to $200bn in support for countries to take ambitious climate action.

The investments represent a significantly enlarged ambition and significantly boost support for adaptation and resilience. It is hoped that the move will also trigger similar investment and action in other organisations.

“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 $200bn over five years to combat climate change,” World Bank Group president, Jim Yong Kim said. “We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same. This is about putting countries and communities in charge of building a safer, more climate-resilient future.”

The funding across is made up of approximately $100bn in direct finance and approximately $100bn of combined direct finance from the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) and private capital mobilised by the World Bank Group.

The new financing will ensure that adaptation is undertaken in a systematic fashion, and the World Bank will develop a new rating system to track and incentivise global progress.

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