World Bank commits 45% of annual funding to combat climate change, says global director
Nazrin Abdul
Read moreThe World Bank is implementing an ambitious plan to allocate 45% of its annual funding to combat climate change this year.
This was stated by the World Bank Group's global climate change director, Jennifer Sara, at the meeting of climate and development ministers (C&DM) on the second day of the Pre-COP29 held in Baku, Azernews reports.
"Regarding calls for reforms in the international financial architecture, the World Bank is contributing to this work. In 2023, we allocated a record amount of 42.6 billion US dollars to finance climate-related programs," she noted.
According to J. Sara, at COP28 held in Dubai last year, the World Bank announced a new ambitious plan to allocate 45% of its annual funding to the fight against climate change and is implementing it in the current fiscal year.
"We will divide this funding equally between climate change mitigation and adaptation," she said.
The global director added that the financial potential of the International Development Association (IDA) remains at USD 30 billion this year and next.
"Every dollar that goes into IDA multiplies three to four times, making it the largest provider of funding for adaptation and resilience in low-income countries. In addition, IDA has special arrangements for small island developing states," Sara said.
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