Daily Management Review

World Bank to increase its climate finance


During his speech at the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) in Dubai, World Bank Chief Ajay Banga announced that the organization has chosen to increase the percentage of its yearly funding for climate-related projects from 35 percent to 45 percent, with the goal of reaching more than $40 billion by 2025.

World Bank via flickr
World Bank via flickr
The World Bank Group has made the decision to devote 45% of its yearly funding for projects related to climate change in order to intensify the battle against it during the fiscal year that runs from July 1, 2024, to June 30, 2025. "Due to the increased ambition, more than $40 billion—roughly $9 billion more than originally estimated—will be used for this purpose," he added.

The World Bank stated in 2021 that by 2025, it will commit an average of 35 percent of its yearly funding to projects related to climate change; as of July 2022, the objective has been lowered to an average of 36.3%.

According to the bank's news release, World Bank Group projects will prioritize safeguarding ecosystems and biodiversity to ensure the health of people and the planet, in addition to fostering resilience and adaptation among those most impacted by climate change.

source: reuters.com