The Bank will mobilize $200 billion for climate action in 2021-25

The World Bank Group on Monday announced a series of new climate action targets for 2021 to 2025 and doubled its current five-year investment to about $200 billion to support countries
that take climate action.

The World Bank Group, one of the world's largest sources of finance for developing countries, announced Monday that it will increase its current five-year investment to about $200 billion, with a particular focus on climate adaptation and resilience projects
.

"Climate change is an existential threat
to the world's poorest and most vulnerable.
These new targets demonstrate the seriousness we take on this issue, investing and mobilizing $200 billion over five years to tackle climate change," said
Jim Yong Kim, World Bank Group Managing Director.
"We are pushing ourselves to do more and accelerate the fight against climate change, and we call on the global community to do
the same.
" It's about holding countries and communities accountable for building a safer, more climate-resilient future
.
”

The $200 billion committed by the World Bank will be about $100 billion in direct financing from the World Bank's International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), as well as direct financing from the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and private capital mobilized by the World Bank Group totaling $100 billion
.

The World Bank is focusing on increasing support
for climate adaptation.
Specifically, the World Bank will seek to increase direct adaptation finance to $50 billion within five years of the Bank's new policy, including support for higher-quality forecasts, early warning systems, and climate information services to better support and inform and prepare 250 million people in 30 developing countries for impending climate risks
.

"People are losing their lives and livelihoods
due to the catastrophic effects of climate change.
"We must fight for these causes," said Kristalina Georgieva, CEO of the World Bank, "which is why we at the World Bank have committed to increasing climate finance to $100 billion, half of which will be used to build more resilient housing, schools, and infrastructure, and invest in climate-smart agriculture, sustainable water management, and responsive social safety nets
.
" ”

Philippe LeHouérou, CEO of IFC, added: "The private sector is investing trillions of dollars of opportunity to invest in projects
that help save the planet.
Our job is to go out and actively seek out opportunities, use our risk-reduction tools, and participate in private sector investment
.
We will do more to finance renewable energy, green buildings, climate-smart agribusiness, urban transport, water and municipal waste management
.
”

The World Bank's new policy and investment commitments have provided a record $201.
5 billion in financing for climate action in 2018, doubling from the previous year's financing for the Paris Agreement and meeting its 2020 target
two years ahead of schedule.

Unsurprisingly, the World Bank's new commitment has been praised
around the world.
Andrew Steer, President and CEO of the World Resources Institute, said: "The World Bank's ambitious climate plan is very welcome, and we know that more needs to be done
as climate impacts are already having a severe impact on the globe.
With a bold commitment to double its climate finance over the next five years, including $50 billion for adaptation finance, the World Bank should accelerate action to strengthen national capacities and build resilience to the most vulnerable
.
There is no doubt that investing in climate action is the smart choice, reducing poverty, stimulating innovation, and bringing far-reaching benefits
to society.
”