The World Bank Group (WBG) announced that it has increased its allocations and finances for climate action in developing countries under its new 2021-2025 climate change action plan.
The efforts included in that plan include reducing emissions, strengthening adaptation, and aligning financial flows with the goals of the Paris Agreement.
The action plan also broadens the WBG’s efforts from investing in “green” projects to helping countries fully integrate their climate and development goals as well as meeting the countries’ quests to find sustainable pathways out of the disruption caused by the COVID-19 pandemic.
“Our new action plan will identify and prioritize action on the most impactful mitigation and adaptation opportunities, and we will drive our climate finance accordingly. This means helping the largest emitters flatten the emissions curve and helping countries achieve successful adaptation and resilience to climate change,” said WBG President David Malpass.
He added that the WBG will be delivering climate finance at record levels and seeking solutions that achieve the most impact.
The World Bank is the largest multilateral provider of climate finance for developing countries.
Its action plan includes a commitment to increase delivery to an average of 35 percent of the WBG’s total financing for climate through 2025.
Moreover, at least 50 percent of the International Development Association (IDA) and International Bank for Reconstruction and Developing (IBRD) climate finance will support adaptation.
The World Bank, comprising of the IBRD and IDA, has announced recently that it will align all new operations concerning the climate action starting 1 July 2023.