The World Bank has pledged to boost financial support for projects aimed at tackling climate change in developing countries.
Its new Climate Change Action Plan for 2021-2025, which aims to deliver “record levels” of climate finance, help reduce emissions and strengthen adaptation, broadens the Bank’s efforts from investing in green projects to helping countries fully integrate their climate and development goals.
It includes a commitment o increase delivery to an average of 35% of total World Bank Group’s financing for climate over the duration of the Plan and at least 50% of the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) climate finance will support adaptation.
The Plan seeks to prioritise action in key systems – energy, agriculture, food, water and land, cities, transport and manufacturing – that must be transformed to address climate change, achieve a resilient and low carbon future and support the protection of natural capital and biodiversity.
It will also place a strong emphasis on supporting a “just transition” out of coal.
David Malpass, World Bank Group President said: “Our new Action Plan will identify and prioritise action on the most impactful mitigation and adaptation opportunities and we will drive our climate finance accordingly. This means helping the largest emitters flatten the emissions curve and helping countries achieve successful adaptation and resilience to climate change.
“We will be delivering climate finance at record levels and seeking solutions that achieve the most impact.”