The World Bank Group recently announced its new Climate Change Action Plan that aims to deliver record levels of climate finance to developing countries, reduce emissions, strengthen adaptation, and align financial flows with the goals of the Paris Agreement.
The Action Plan for 2021-25 broadens World Bank Group efforts from investing in “green” projects to helping countries fully integrate their climate and development goals. The plan also comes as countries seek sustainable pathways out of the disruption caused by the COVID-19 pandemic.
“Our new Action Plan will identify and prioritise action on the most impactful mitigation and adaptation opportunities, and we will drive our climate finance accordingly.
“This means helping the largest emitters flatten the emissions curve and helping countries achieve successful adaptation and resilience to climate change,” said World Bank Group President David Malpass.
“We will be delivering climate finance at record levels and seeking solutions that achieve the most impact.”
The World Bank is already the largest multilateral provider of climate finance for developing countries. The Plan includes a commitment to increase delivery to an average of 35 per cent of total World Bank Group financing for climate over the duration of the Plan. At least 50 per cent of International Development Association (IDA) and International Bank for Reconstruction and Developing (IBRD) climate finance will support adaptation. It also includes identifying and prioritising opportunities for high-impact climate action to inform future World Bank Group climate engagements and investments.
Furthermore, it states that a new core diagnostic tool, the Country Climate and Development Report (CCDR), will help countries align climate action and development efforts and absorb new climate-related technologies as they emerge.