World Bank doubles investment to fight climate change

Economy | World 12/3/2018, 3:51 AM
World Bank doubles investment to fight climate change

The World Bank announced that it is doubling its current five-year investment to $200 billion for fighting climate change for 2021-2025. According to the statement made by the organization, the new plan "boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries." The World Bank will be directly funding $100 billion for the investment.

In order to maximize the impact the financing will have, the bank's focus is on supporting the development of renewable energy infrastructure, increasing integrated landscape and assisting cities in "low-carbon and resilient urban planning and transit-oriented development."

"Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change," Jim Yong Kim, the president of the organization said.

Breaking the News / MD