W/Bank announces $50bn plan to combat climate change

The World Bank Group has launched an Action Plan on Climate Change Adaptation and Resilience programme.

Under the plan, the World Bank Group will ramp up direct adaptation climate finance to reach $50 billion through financial years 2021–25, a statement said.

According to the statement, this financing level, an average of $10 billion a year, is more than double what was achieved during 2015-18.

The bank said it will also pilot new approaches to increasing private finance for adaptation and resilience.

“Our new plan will put climate resilience on an equal footing with our investment in a low carbon future for the first time. We do this because, simply put, the climate is changing so we must mitigate and adapt at the same time,” said World Bank Chief Executive Officer, Kristalina Georgieva.

“We will ramp up our funding to help people build a more resilient future, especially the poorest and most vulnerable who are most affected,”Georgieva also stated.

The increase in adaptation financing will support activities that include: Delivering higher quality forecasts, early warning systems and climate information services to better prepare 250 million people in at least 30 countries for climate risks, the World BankGroup’s statement noted.

It will also support 100 river basins with climate-informed management plans and/or improved river basin management governance; building more climate-responsive social protection systems and support efforts in at least 20 countries to respond early to, and recover faster from, climate and disaster shocks through additional financial protection instruments.

The Action Plan on Climate Change Adaptation and Resilience forms part of the World Bank Group’s 2025 Targets to Step Up Climate Action which were launched in December 2018, during the UN’s COP24 in Poland.