World Bank to invest $200bn to fight climate change
The World Bank is set to make a total of $200bn (£157bn) available to fund action on climate change from 2021-25, helping countries adapt to the effects of global warming and reduce greenhouse gas emissions. This increase in funding for 2021-2025 represents a doubling of the original amount allocated for the 5-year plan, according to an article by the Guardian.
Andrew Steer, president of the World Resources Institute, said the bold and ambitious commitments would send a strong signal to private sector financiers:
“With climate impacts already taking a heavy toll around the globe, we know a far greater response is needed. Investing in climate action is the smart choice – it can reduce poverty, inspire innovation and bring far-reaching benefits to society.”
Following the 2018 G20 Summit this weekend, the focus of governments and organisations around the world is back to climate change. In Australia, thousands of students left school early last week to protest climate change and highlight what they say are inadequate climate policies by the Australian government.
The United Nation’s COP 24 Summit kicked off yesterday in Katowice, Poland where governments are meeting this week and next to work out an implementation plan for the Paris accord. Many adjustments are needed.
Kristalina Georgieva, the chief executive of the World Bank, 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.”
Half of the $200bn in funding will come directly from the World Bank and the other half consists of loans and other forms of assistance from different parts of the World Bank Group. In terms of allocating the new funds, some funding will go towards providing early-warning systems and high-quality weather forecasts to developing countries. Other planned uses of the funding include investments into climate smart agriculture.
The AIDF Global Summit will return to Washington, D.C., USA for its 11th year in 2019.
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Photo credit: Reuters/Kacper Pempel