The pledge means funds could potentially rise from a projected US$16 billion in 2020 to $29 billion and means there’s progress towards generating $100 billion a year by 2020 to help poor countries cope with future impacts.
“We are committed to scaling up our support for developing countries to battle climate change,” said the bank’s chief Jim Kim. “As we move closer to Paris, countries have identified trillions of dollars of climate-related needs. The Bank, with the support of our members, will respond ambitiously to this great challenge.”
Incidentally, the Bank’s top donors are the US, Germany, UK and France.
It was one of many during a busy climate finance session on day one of the IMF/World Bank annual meet, taking place in Lima, Peru this year.
The European Bank for Reconstruction and Development (EBRD) said it would increase the share of funding for climate projects from 25% to 40% of its overall pot. The African Development Bank said it was aiming to distribute $5 billion of low carbon funds by 2020, and the Inter-American Development Bank announced a doubling of funding for 2020.
All major development banks signed up to a pledge to screen new projects for climate risk by 2018.
Available at: http://www.climatechangenews.com/2015/10/11/world-bank-pledges-29bn-green-aid-eu-hosts-morocco-climate-summit/