The World Bank Group has doubled its current five-year investment to around $200 billion (£157bn) to support countries taking action to fight climate change.
It is part of its plans to boost support for climate adaptation, especially in the world’s poorest nations, with the funding provided between 2021 and 2025.
Projects that will be backed include higher quality forecasts, early warning systems and climate information services to better prepare 250 million people in 30 developing countries for climate risks.
The investment will also build more climate-responsive social protection systems in 40 countries and finance climate-smart agriculture projects in 20 nations.
In the energy sector, the World Bank will support 36GW of renewable energy as well as energy efficiency projects and help 100 cities achieve low carbon and resilient urban planning development.
The investment is made up of around $100 billion (£78.5bn) in direct finance from the World Bank and the remainder of combined finance from the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency and private capital mobilised by the Bank.
Kristalina Georgieva, World Bank CEO said: “People are losing their lives and livelihoods because of the disastrous effects of climate change. We must fight the causes but also adapt to the consequences that are often most dramatic for the world’s poorest people.
“This is why we at the World Bank commit to step up climate finance to $100 billion, half of which will go to build better adapted homes, schools and infrastructure and invest in climate smart agriculture, sustainable water management and responsive social safety nets.”
Source: Energy Live News