World Bank to invest US$200bn in climate change action
The World Bank Group's 2021-2025 climate change action plan will double the investments projected for the current 2016-2020 plan to US$200bn.
In a press release from Monday, the bank said that the new five-year plan will prioritize adaptation and resilience efforts alongside mitigation.
In that regard, the new plan will allocate US$50bn for adaptation research, while also test new mechanisms to ramp up private investments in this area.
Meanwhile, the bank will also test a new rating system for national governments to evaluate their efforts in adaptation and resilience, which would start its pilot phase next year or 2020.
Overall, one of the key objectives is to push governments to stop seeing adaptation and resilience as isolated investments and consider climate risk management in all phases of policy planning.
"The WBG will increase help [for] countries to access a wider, more diverse set of financing instruments to reduce their exposure to climate risks, and improve the effectiveness of adaptation and resilience finance," the bank said in a report.
As for concrete action, the bank's CEO Kristalina Georgieva said that US$100bn will finance infrastructure efforts and investment in smart agriculture, sustainable water management and responsive social safety nets.
In the energy sector, the bank plans to "support the generation, integration, and enabling infrastructure for 36GW of renewable energy and support 1.5MGWh equivalent of energy savings through efficiency improvement.
Half of the funds will come from the bank and half from a combination of funds from the IFC, the MIGA and private capital mobilized by the World Bank Group.
In a separate press release prior to the UN Climate Change Conference of Parties (COP), which started today in Poland, the bank said that in 2017 climate related disasters caused losses for up to US$320mn and so far this year the bank's climate financing has reached a record US$20.5bn.
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