Friday, 14 December, 2018

World Bank promises US$200b in 2021-25 climate cash

World Bank to raise $200 billion to fight climate change World Bank unveils USD 200 bn in climate action investment for 2021-25
Sandy Nunez | 05 December, 2018, 19:44

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

"Climate change is an existential threat to the world's poorest and most vulnerable".

The World Bank announced the doubling of the amount in the Summit of the United Nations Framework Convention on Climate Change (UNFCCC).

The release indicates that by ramping up direct adaptation finance to reach around $50 billion over Financial Year 21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions.

Half of the new investment will come from direct finance from the World Bank, and the rest will come from the International Finance Corporation, the Multilateral Investment Guarantee Agency and from the private sector.

"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.

The financing will also support higher-quality forecasts, early warning systems and climate information services to better prepare 250 million people in 30 developing countries for climate risks, the World Bank said.

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Kristalina Georgieva, the World Bank CEO, was reported stating that of the Dollars 200 billion investment, some funding will go towards providing high-quality weather forecasts, sustainable water management, smart agriculture and responsive social safety nets as a way of its financial aid for the affected countries.

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 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", stated the World Bank Group.

He added that in the 2018 fiscal year, running from July 2017 to June this year, the World Bank had committed $20.5 billion to climate action, compared with an annual average of $13.5 billion for the 2014-2018 period. "Our job is to go out and proactively find those opportunities, use our de-risking tools, and crowd in private sector investment".

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

Much of the climate action financing is being set aside for reducing greenhouse gas emissions, notably through development of renewable energy strategies.

The World Bank's plan is also to help 100 cities achieve low-carbon urban planning.