World Bank promises $200 billion in 2021-25 climate cash

Mindy Sparks
December 5, 2018

The World Bank Group will spearhead a five-year, $200 billion investment to fight climate change.

The World Bank (WB) has unveiled $200 billion in climate action investment for 2021-25. The financing will support higher-quality forecasts, early warning systems and climate information services, the group said in a statement.

Those include building more robust homes, schools and infrastructure, preparing farmers for climate shifts, managing water wisely and protecting people's incomes through social safety nets, Georgieva said.

The countries whose representatives are meeting at the United Nations climate summit which opened on Sunday in the Polish city of Katowice are seeking to make good on commitments made in the 2015 Paris climate accord.

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

The World Bank Group President, Jim Yong Kim was quoted as saying: "Climate change is an existential threat to the world's poorest and most vulnerable".

The bank spent almost US$21 billion from 2014 to this year on adaptation, which accounted for just over 40 percent of the climate benefits generated by its funding overall.

According to a statement released by the World Bank, this new plan will "significantly boost support for adaptation and resilience" while also recognising how "mounting climate change impacts on lives and livelihoods, especially in the world's poorest countries".

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

"There are literally trillions of dollars of opportunities for the private sector to invest in projects that will help save the planet", said IFC chief Philippe Le Houérou.

"Climate change is already having a disastrous impact on people right around the world and we are nearing the point of no return", Ban said. "Our job is to go out and proactively find those opportunities, use our de-risking tools, and crowd in private sector investment".

Much of the pledge will go towards reducing greenhouse gas emissions through the development of renewable energy strategies.

The World Bank will also help countries integrate several climate considerations such as policy planning, investment design, implementation and evaluation.

Around one-third of the remaining funding will come from two World Bank Group agencies with the rest private capital "mobilised by the World Bank Group".

In Food and Land-Use: Increase integrated landscape management in up to 50 countries, covering up to120 million hectares of forests.

Other reports by Iphone Fresh

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