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World Bank Pledges $200 Billion To Tackle Climate Change

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The World Bank has unveiled a $200 billion climate action investment fund for 2021-25 as the United Nations-sponsored climate change talks got underway in Katowice, Poland.

This is double the amount of current 5-year investments that the World Bank pledged in support for countries to take ambitious climate action.

The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world's poorest countries. The World Bank Group said its ambitious plan sends an important signal to the wider global community to do the same.

"Climate change is an existential threat to the world's poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change," World Bank Group President, Jim Yong Kim said.

Of the pledged money, $100 billion comes in direct finance from the World Bank (IBRD/IDA), and the other half as combined direct finance from the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and private capital mobilized by the World Bank Group.

A press release by the the World Bank says it will develop a new rating system to track and incentivize global progress. Actions will include supporting higher-quality forecasts, early warning systems and climate information services to better prepare 250 million people in 30 developing countries for climate risks.

In addition, the expected investments will build more climate-responsive social protection systems in 40 countries, and finance climate smart agriculture investments in 20 countries.

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