The World Bank Group is set to announce a new set of climate targets for 2021-2025, doubling its current five-year investments to around $200 billion in support for countries to take ambitious climate action.
This announcement will be made at the opening of the COP24 in Poland today. The bank underlined that the new plan significantly boosts support for adaptation and resilience, recognising mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries.
BREAKING NEWS⟶ @WorldBank releases a new action plan designed to boost climate adaptation and resilience to climate shocks in the world’s poorest countries ⟶ https://t.co/tKKh6YyKKF #AdaptationMatters #2025WBG #COP24 pic.twitter.com/xzfLfIbw7b
— World Bank Climate (@WBG_Climate) December 3, 2018
The plan also represents significantly ramped up ambition from the World Bank Group, sending an important signal to the wider global community to do the same.
“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilising $200 billion over five years to combat climate change,” said Jim Yong Kim, World Bank Group President.
“We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same. This is about putting countries and communities in charge of building a safer, more climate-resilient future,” Kim added.
The $200 billion across the Group is made up of approximately $100 billion in direct finance from the World Bank (IBRD/IDA), and approximately $100 billion of combined direct finance from the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) and private capital mobilised by the World Bank Group.
By ramping up direct adaptation finance to reach around $50 billion over FY21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions.
World Bank CEO, Kristalina Georgieva said: “People are losing their lives and livelihoods because of the disastrous effects of climate change. We must fight the causes, but also adapt to the consequences that are often most dramatic for the world’s poorest people.”
Georgieva continued: “This is why we at the World Bank commit to step up climate finance to $100 billion, half of which will go to build better adapted homes, schools and infrastructure, and invest in climate smart agriculture, sustainable water management and responsive social safety nets.”
The new financing will ensure that adaptation is undertaken in a systematic fashion, as such the World Bank will develop a new rating system to track and incentivise global progress.
Actions will include supporting higher-quality forecasts, early warning systems and climate information services to better prepare 250 million people in 30 developing countries for climate risks.
In addition, the expected investments will build more climate-responsive social protection systems in 40 countries, and finance climate smart agriculture investments in 20 countries.