Islamabad, Sep 20: The World Bank declared that it had provided a record $42.6 billion in finance for climate change in the most recent fiscal year, a 10% increase over the previous year. With the intention of reforming the eighty-year-old Washington-based institution, the development lender has sought to increase its climate financing commitment under new president Ajay Banga, who came over last year.
The bank made a commitment in December to increase the percentage of its yearly financing allocated to climate change adaptation from 35 percent to 45 percent beginning in the July-starting fiscal year 2025.
However, it nearly met that goal this fiscal year, revealing in a statement on Thursday that climate funding accounted for about 44% of the $97 billion in overall financing provided by the World Bank Group.
A World Bank representative sent an email to AFP stating that this figure covered lending in addition to other financial instruments like grants and guarantees. As the Bank noted, “There is more to do,” this funding helped “support efforts to end poverty on a livable planet, investing in cleaner energy, more resilient communities, and stronger economies.”
The International Development Association the bank’s concessional financing division and the International Bank for Reconstruction and Development which together provided $31 billion were the biggest donors, according to the World Bank.
