The World Bank announced a major donation over the next 5 years to countries combating climate change. For 2021 to 2025, they are upping their 5-year investments to these countries to $200 billion in total.
The World Bank announced that it would be increasing investments in climate change mitigation and adaption in poor countries over the next 5 years. This investment would total $200 billion. The World Bank Group is a a high-profile foundation that supports countries and societies in need. Recently, they have been focusing on helping poorer countries move away from fossil fuels and help them adapt to the impacts of climate change.
“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change. We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same. This is about putting countries and communities in charge of building a safer, more climate-resilient future.”
said Jim Yong Kim, World Bank Group President. The World Bank is upholding the Paris Climate Agreement.
Important Goals
The World Bank Group recognized that people are struggling to cope with the affects of climate change, so one of their main priorities is helping countries adapt to climate change. This is the first time that they are putting as much emphasis on adaption as mitigation. They will put $50 billion into adaption investments, such as building better adapted homes, schools, and infrastructure, and investing in new climate smart agriculture in 20 countries, responsive social safety nets in the case of losing homes in 40 countries, and sustainable water management. The World Bank is also setting up a system that will give people more of a warning for incoming climate disasters for 30 developing countries.
The World Bank Group also is integrating climate mitigation efforts, and working to reduce greenhouse gas emissions in developing countries. They will also help government with policy planning and investment design, implication, and evaluation through supporting climate change considerations.
In all, the key efforts of their program are:
Energy: Support the generation, integration, and enabling infrastructure for 36 GW of renewable energy and support 1.5 million GWh equivalent of energy savings through efficiency improvement
Cities: Help 100 cities achieve low-carbon and resilient urban planning and transit-oriented development
Food and Land Use: Increase integrated landscape management in up to 50 countries, covering up to 120 million hectares of forests.
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