The World Bank Group (WBG) is working on innovative solutions to help countries meet their climate commitments.
- The World Bank Group’s Climate Change Action Plan (2016-2020) lays out ambitious targets to be met by 2020, including helping client countries add 30 gigawatts of renewable energy, put in place early warning systems for 100 million people, and develop climate-smart agriculture investment plans for at least 40 countries.
- In December 2018, the World Bank Group announced a new set of climate targets for 2021-2025, doubling its current 5-year investments to around $200 billion in support for countries to take ambitious climate action. The new targets build on the World Bank Group’s 2016 Climate Change Action Plan.
- The World Bank recently launched a new Action Plan on Climate Change Adaptation and Resilience. Under this dedicated plan – the first of its kind – the World Bank Group will ramp up direct adaptation climate finance to reach $50 billion over FY21–25. This financing level—an average of $10 billion a year—is more than double what was achieved during FY15-18. The Action Plan forms part of the World Bank Group’s 2025 Targets.
- More than 135 developing and middle-income countries have submitted national plans for climate action under the Paris Agreement – the Nationally Determined Contributions (NDCs). The WBG is now actively working with countries to help them deliver on and exceed their Paris ambitions, including through financing, technical assistance, and knowledge sharing.
- The World Bank supports client countries in their efforts to implement their national climate commitments, including their nationally determined contributions (NDCs), in their follow up to the Paris Agreement.
- Climate change is a key priority for the International Development Association (IDA), the World Bank’s fund for the poorest, and helps countries cope with climate change by bringing new solutions—such as better weather data and forecasting, drought-resistant crops, climate-resilient roads, disaster insurance, and cyclone-resistant houses and early warning systems.
- The WBG is working together with the other multilateral development banks (MDBs) on common approaches to monitor and track their climate finance flows to client countries, as they increase their climate financing in mitigation and adaptation. The MDBs are continuing to align their financial flows to help countries meet the Paris Agreement, supporting the implementation of the NDCs and facilitating activities that transition development towards low greenhouse gas emissions and climate resilient development.
- In partnership with the UN, the World Bank Group co-launched in September 2017 a platform for climate action, Invest4Climate, designed to bring together national governments, financial institutions, investors, philanthropies, and multilateral banks to support transformational climate investments in developing countries.
Last Updated: Oct 04, 2019