Wednesday, 19 December, 2018

World Bank to raise $200 billion to fight climate change

UN climate summit,World Bank,World Bank funding Demonstrators hold a banner which reads'save our planet save our future during a'Claim the Climate march in Brussels Sunday Dec. 2 2018
Cary Marshall | 05 December, 2018, 19:41

The World Bank Group will spearhead a five-year, $200 billion investment to fight climate change.

The plan also represents significantly ramped up ambition from the World Bank Group, sending an important signal to the wider global community to do the same.

Recall that in the United States told how much the country will be the fight against global warming.

The latest figures on climate funding for developing countries show barely a quarter has been going to adaptation, with the bulk backing clean energy and more efficient energy use.

The statement said the breakdown of 200 billion dollars would comprise approximately 100 billion in direct finance from the World Bank.

The world temperature is constantly rising due to climate change.

However, the World Bank stated that "a key priority is boosting support for climate adaptation", given the millions of people already battling the consequences of extreme weather.

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John Roome, Senior Director for climate change, World Bank, was quoted saying that if the emissions are not reduced and adaptions are not built, there will be more than 100 million people surviving in poverty by year the 2030.

"The new financing will ensure that adaptation is undertaken in a systematic fashion, and the World Bank will develop a new rating system to track and incentivize global progress", the world's largest lender said.

Those include building more robust homes, schools and infrastructure, preparing farmers for climate shifts, managing water wisely and protecting people's incomes through social safety nets, Georgieva said. "Our job is to go out and proactively find those opportunities, use our de-risking tools, and crowd in private sector investment". In 2018, the World Bank Group provided a record-breaking US$20.5 billion in finance for climate action: doubling delivery from the year before the Paris Agreement and meeting its 2020 target two years ahead of schedule. The project financing is designed for 2021-2025 years.

The aim of this investment is to help countries take measures against climate change.

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 World Bank will give equal weight to curbing emissions and helping poor countries deal with the "disastrous effects" of a warming world as it steps up investments to tackle climate change in the first half of the 2020s, it said on Monday.

As reported by The Guardian, the top worldwide financial firm is making the amount available to fund action on drastic climate change, while aiming to reduce greenhouse gas emissions and helping countries survive the effects of global warming.

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