World Bank on Monday unveiled $200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding.
Developed countries are committed to lifting combined annual public and private spending to $100 billion in developing countries by 2020 to fight the impact of climate change up from 48.5 billion in 2016 and 56.7 billion last year, according to latest OECD data.
World Bank said, in the UN 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.”
Southern hemisphere countries fighting the impact of warming temperatures are nonetheless pushing northern counterparts for firmer commitments.
In a statement, the World Bank said the breakdown of the $200 billion would comprise “approximately $100 billion in direct finance from the World Bank.”
Around one third of the remaining funding will come from two World Bank Group agencies with the rest private capital “mobilised by the World Bank Group.”
“If we don’t reduce emissions and build adaptation now, we’ll have 100 million more people living in poverty by 2030,” John Roome, World Bank senior director for climate change, warned.