KATOWICE, POLAND – The World Bank (WB) has unveiled $200 billion in climate action investment for 2021-25.
If this is realized, the Bank will have doubled its current five-year commitment in efforts fighting climate change.
WB said on Monday, December 3 that the move, coinciding with a UN Climate Summit meeting of about 200 nations in Poland, represented a “significantly ramped up ambition” to tackle climate change, “sending an important signal to the wider global community to do the same”.
Developed countries are committed to lifting combined annual public and private spending to $100 billion in developing countries by 2020 to fight the impact of climate change. This is an increment from $48.5 billion in 2016 and $56.7 billion last year, according to latest data from the Organisation for Economic Co-operation and Development – a platform of 34 member industrialized countries.
Countries from southern hemisphere fighting the impact of warming temperatures are continuing to push their northern counterparts for firmer commitments.
In a statement, WB said the breakdown of the $200 billion would comprise “approximately $100 billion in direct finance from the World Bank”.
Around one-third of the remaining funding will come from two World Bank Group agencies with the rest private capital “mobilised by the World Bank Group”.
“If we don’t reduce emissions and build adaptation now, we will have 100 million more people living in poverty by 2030,” John Roome, World Bank senior director for climate change, warned.
Climate change is increasingly becoming a worldwide concern with impacts ranging from heavy rains, flooding, landslides, drought, disease outbreaks and epidemics. These aspects are likely to have significant global implications for agriculture, food security, and soil and water resources.