World Bank Promises $200 Billion in 2021-25 Climate Cash

World Bank to raise $200 billion to fight climate change

"By ramping up direct adaptation finance to reach around $50 billion over (fiscal) 21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions", the bank stated.

The World Bank Group has announced plans to double its investments in the fight against climate change to around $200 billion for more than five years.

The money is targeted at climate adaptation and resilience, reflecting the impact that climate change has already taken, especially in developing nations. "We must fight the causes, but also adapt to the consequences that are often most dramatic for the world's poorest people".

The World Bank said the move, coinciding with a United Nations' climate summit meeting of some 200 nations in Poland, represented a "significantly ramped up ambition" to tackle climate change, "sending an important signal to the wider global community to do the same".

This will nearly double its current climate targets for years 2021-2025 because the World Bank, which provides financial, advisory and technical assistance to developing countries, recognizes the mounting impacts climate change has on the lives and livelihoods of the global economy.

The bank's financing package amounts to about 40 billion a year, but the direct finance is 27 billion per year on average.

The World Bank will only make exceptions to consider possible support for financing upstream gas "in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries' Paris Agreement commitments", the bank said in December 2017. Scientists have calculated how much global warming will cost the world.

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The $200-billion will consist of approximately $100-billion in direct finance from the World Bank, and approximately $100-billion of combined direct finance from two World Bank Group members - the International Finance Corporation and the Multilateral Investment Guarantee Agency - and private capital mobilised by the group.

"There are literally trillions of dollars of opportunities for the private sector to invest in projects that will help save the planet", said IFC chief Philippe Le Houérou.

Marshall Islands President Hilda Heine said her low-lying Pacific island state was struggling with fiercer storms and increasing seawater flooding that is contaminating fresh water with salt.

- Engagement and policy development support - which includes further efforts to develop services for countries and other clients to put in place long-term strategies and accelerate the transition to low-emissions and climate-resilient development pathways.

"Global action needs to accelerate before it is too late", she added.

But it overlooked "the desperate need to radically scale up financing for off-grid renewable energy" to help the poorest gain access to electricity, they added.

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