WB promises $200 b in 2021-25 climate cashsitename%%

WB promises $200 b in 2021-25 climate cashsitename%%

Both the moves represented a significantly ramped up ambition to combat climate change, while also inspiring the wider global community for doing the same.

The World Bank Group has doubled its current five-year investment to around $200 billion (£157bn) to support countries taking action to fight climate change.

Kristalina Georgieva, the World Bank CEO, was reported stating that of the Dollars 200 billion investment, some funding will go towards providing high-quality weather forecasts, sustainable water management, smart agriculture and responsive social safety nets as a way of its financial aid for the affected countries.

- Adaptation and climate-resilient operations - where the banks will work to ensure their operations are more climate-resilient and to also strengthen their clients' and their communities' ability to adapt to the impacts of climate change.

(IFC) and the Multilateral Investment Guarantee Agency and private capital mobilized by the World Bank Group.

World Bank had committed $20.5 billion to climate action in the 2018 fiscal year, running from July 2017 to June this year, compared with an annual average of $13.5 billion for the 2014-2018 period.

The bank spent almost US$21 billion from 2014 to this year on adaptation, which accounted for just over 40 percent of the climate benefits generated by its funding overall.

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A key priority is boosting support for climate adaptation, recognizing that millions of people across the world are already facing the severe consequences of more extreme weather events. The World Bank funding for the first time puts those efforts on equal footing with carbon emission reductions. "Our job is to go out and proactively find those opportunities, use our de-risking tools, and crowd in private sector investment". The Bank made a statement on December 3 during the opening of the 24th United Nations conference on climate in Katowice.

The investments will support the generation, integration, and infrastructure for 36 GW of renewable energy and will back 1.5 million GWh equivalent of energy savings through efficiency improvement.

"People are losing their lives and livelihoods because of the disastrous effects of climate change".

The World Bank will also help countries integrate several climate considerations such as policy planning, investment design, implementation and evaluation.

In Food and Land-Use: Increase integrated landscape management in up to 50 countries, covering up to120 million hectares of forests.

Some of the money will be used to help 100 cities on resilient urban planning and transit-oriented development that can reduce vehicle use.

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