World Bank ups climate change funding
The World Bank plans to continue its aggressive funding of climate-related projects over the next four years, gradually increasing its combined total funding and leveraged co-financing from private investors to $29 billion per year, 28% of its total outlays (up from today’s 21%) and enough to meet nearly a third of the global target of $100 billion per year that was set at the Paris climate talks. In addition to these funding plans, all World Bank programs will consider climate impacts in future investments.
Projects in the pipeline include quadrupling funding for climate-resilient transport, a project in Mexico to reduce deforestation and forest degredation in an areas the size of Connecticut, and seven solar PV projects in Jordan, and development of an early-warning system for extreme weather events in areas that would help protect one hundred million people.
“Following the Paris climate agreement, we must now take bold action to protect our planet for future generations,” said Jim Yong Kim, president of the World Bank Group. “We are moving urgently to help countries make major transitions to increase sources of renewable energy, decrease high-carbon energy sources, develop green transport systems and build sustainable, livable cities for growing urban populations. Developing countries want our help to implement their national climate plans, and we’ll do all we can to help them.”