World Bank to Spend 28% of Investments on Climate Change Projects
The World Bank has made a “fundamental shift” in its role of alleviating global poverty, by refocusing its financing efforts towards tackling climate change, the group said on Thursday.
The world’s biggest provider of public finance to developing countries said it would spend 28% of its investments directly on climate change projects, and that all of its future spending would take account of global warming.
At last year’s landmark conference on climate change in Paris, the World Bank and its fellow development banks were made the linchpins of providing financial assistance to the poor world, to enable countries to cut greenhouse gas emissions and adapt to the effects of global warming.
“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.”
World Bank Photo Collection