The Wind park near the village of Bulgarevo, Bulgaria. Photo by Boris Balabanov, World Bank/ Flickr
by Rina Hoffman
December 2, 2023
The World Bank Group is intensifying its efforts to combat climate change, announcing today at COP28 that it will allocate a remarkable 45% of its annual financing to climate-related initiatives for the fiscal year spanning July 1, 2024, to June 30, 2025.
In 2021, the World Bank set a target of achieving an average of 35% by 2025. It has been exceeding these expectations since July 2022, spending 36.3% of its annual financing budget on climate-related projects.
Increasing this number to 45% would translate to committing $40 billion for climate action between 2024 and 2025, marking an impressive $9 billion increase from initial projections.
Building on its October mandate to eradicate poverty within the confines of a habitable planet, the World Bank appears to have further solidified its commitment with this new climate action pledge.
The move also underscores the institution’s dedication to creating a world resilient to the challenges posed by climate change.
The types of projects this financing will go to include adaptation and resilience building but also ecosystem and biodiversity preservation and conservation.
As the Bank spearheads this ambitious $40 billion climate action plan, it sets a noteworthy precedent for global institutions stepping up to address the pressing challenges of our time.
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This article was originally published on IMPAKTER. Read the original article.