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The World Bank Announces $200 Billion in Funding For Climate adaptation & Resiliency Projects In Developing Countries

December 06, 2018 |

Kate Holt/AusAID [CC BY 2.0 (https-//], via Wikimedia Commons 2

This article was originally published on Yale Environment 360.

“The World Bank, one of the largest funding sources for developing countries, announced it will invest about $200 billion in climate adaptation and resiliency projects between 2021 and 2025. The new figure is double the bank’s previous five-year investment in climate action.

“Climate change is an existential threat to the world’s poorest and most vulnerable,” Jim Yong Kim, president of the World Bank Group, said in a statement. “These new targets demonstrate how seriously we are taking this issue. This is about putting countries and communities in charge of building a safer, more climate-resilient future.”

The $200 billion includes approximately $100 billion in direct finance from the World Bank and $100 billion in combined direct finance from the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency, and private capital mobilized by the World Bank Group, according to a press release. The announcement comes as countries gather in Poland this week to hash out an implementation plan for the Paris Agreement, which aims to keep global warming below 2 degrees Celsius…”

Read on at: Yale Environment 360.

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