World Bank Allocates 28% of Investments to Battle Climate Change, Help Poor Countries Adapt

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Last Thursday, The World Bank announced plans to allocate nearly a third of its investment resources to helping developing countries battle climate change. The investment bank stated that their shifted outlook aims to prevent another 100 million people from falling into poverty over the next 15 years.

“Following the Paris climate agreement we must now take bold action to protect our planet for future generations,” Jim Yong Kim, president of the World Bank, noted. “We are moving urgently to help countries make major transitions to increase sources of renewable energy, decrease high-carbon energy sources, develop green transport systems, and build sustainable livable cities for growing urban populations.”

Under the Plan, the World Bank aims to double its current contributions to global renewable energy capacity, aiming to add 30 gigawatts of capacity and to mobilize $25 billion in private financing for clean energy by 2020. The funds will be enough to — among other objectives — sustain and power more than 150 million households, develop climate-smart agriculture investment plans for at least 40 countries, and bring early warning systems for natural disasters to 100 million people in 15 countries by 2020.

This comes after the bank has already spent more than $50 billion over the last five years to fund over 900 individual projects related to climate change.

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The further hope is that the Bank will, also, help more than 50 countries develop efficient management strategies so that their forests will become sustainable for the foreseeable future.

The Bank looks to add to the funding over the next four years by generating, from the private sector, an additional $13 billion, which would bring the annual total to $29 billion by 2020. The International Finance Corporation (IFC), a member of the World Bank and leader of the private sector funding effort, will expand its climate investments in sectors including grid-connected renewable energy, green buildings, industrial/commercial energy efficiency, and climate-smart urban infrastructure.

“The ingenuity and innovation of the private sector, along with government action, will be critical for transitioning to a climate-resilient and low-carbon global economy,” said Nena Stoiljkovic, Vice President of Global Client Services at IFC.

Laura Tuck, Vice President for Sustainable Development at the World Bank, concluded that “Climate change is the defining issue of our time and cannot be tackled through isolated actions, one sector at a time. The complexity of the challenge requires solutions that cut across many different sectors … the World Bank is in a unique position to work with countries to develop solutions that build their resilience to climate impacts, protect their people and environment, and reduce their emissions.”

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About the author: Kevin Sawyer

 

Kevin Sawyer is a widely published freelance writer from Tampa. He has written thousands of articles on thousands of subjects for hundreds of companies, website blogs, magazines, and news sites. He is also the author of several ebooks and specializes in SEO content writing as well as social media management and marketing.

 

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