World Bank Group unveils 35% climate financing target
The World Bank has announced a target for 35% of its financing to have climate co-benefits, on average, over the next five years.
The plan replaces an earlier target of reaching 28% by 2020, which was in place over the past five years. The World Bank – the International Bank for Reconstruction and Development and International Development Association – will also seek to ensure that 50% of this financing supports adaptation and resilience.
Between 2016 and 2020, Bank Group institutions – the World Bank, International Finance Corporation, and Multilateral Investment Guarantee Agency – provided over $83 billion in climate finance to developing countries. This translated into adding 34GW of renewable energy and improving access to hydromet data and early warning systems for millions of people in over 50 countries, among other good development outcomes.
