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| World Bank Boosts Climate Financing to Combat Global Threats |
The announcement marks one of the most significant steps forward in international efforts to tackle climate change. The World Bank has announced a 10% increase in its climate spending, Harbing a significant step up in global efforts to address rising greenhouse gas emissions.
The World Bank said it had provided a record $42.6 billion in finance for climate change in the fiscal year ending last Thursday, 10% of which came from its funds and the rest from investors, governments, and private parties.
Since taking the helm last year, new president Ajay Bangas has sought to elevate the climate finance priority above those of his beleaguered, 80-year-old Washington-headquartered institution.
Communiqué The bank also announced in December that it would raise the share of its annual financing, going to adaptation from 35 per cent to 45 per cent as of the fiscal year 2025, which begins in July.
The World Bank Group came close to hitting that mark this fiscal year, saying in a statement on Thursday that climate funding made up about 44% of the group's total financing of US$97 billion.
According to the AFP, these loans also include lending in addition to other financial tools such as subsidies and deposits.
That funding helped in offsetting poverty “on a planet that is liveable [sic], investing in cleaner [sic] energy, more resilient communities [sic] and stronger economies,” according to the Bank, which added: “There is still much to do.
The bank said its International Development Association, its concessional lending arm, and the International Bank for Reconstruction and Development were its largest contributors, providing $31 billion between them.