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World Bank confirms key elements of new climate action plan

EconomyApr 03, 2021 12:31AM ET
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© Reuters. IMF and World Bank hold Fall Meetings in Washington

By Andrea Shalal

WASHINGTON (Reuters) - The World Bank on Friday announced a new Climate Change Action Plan aimed at helping developing countries achieve measurable reductions in greenhouse gas emissions and pledging to mobilize large-scale resources to aid the transition out of coal.

World Bank President David Malpass said key elements of the plan had been presented to the bank's board on Thursday and underscored the need to take urgent action.

He said the bank had provided $83 billion in climate finance over the past five years, peaking at $21.4 billion in 2020, but the new plan would see those levels increase.

The new plan, first reported by Reuters Wednesday, commits to making financing decisions in line with efforts to limit global warming, but stops short of promising to halt funding of fossil fuels, as many campaigners had urged.

"Our collective responses to climate change, poverty and inequality are defining choices of our age," Malpass said in a statement, underscoring the need to "help countries maximize the impact of climate finance, with measurable improvements in livelihoods through adaptation, and measurable reductions in greenhouse gas emissions through mitigation."

To achieve these goals, Malpass said 35% of World Bank Group financing, on average over the next five years, would have climate co-benefits, and 50% of the bank's climate financing would support adaptation and resilience.

The bank would also adopt new metrics that facilitated a greater focus on reducing greenhouse gas emissions, adaptation and resilience, and expand its climate diagnostics through new Country Climate and Development Reports.

Malpass said the bank would support "transformative" investments in energy, food systems, transport and manufacturing, the systems that contribute most to emissions, and significantly increase support for countries seeking to transition away from coal.

The World Bank would align its financing flows with the objectives of the 2015 Paris climate agreement by July 1, 2023, he said, with 85% of new International Finance Corp and Multilateral Investment Guarantee Agency operations to be aligned by then, and 100% by July 1, 2025.

World Bank confirms key elements of new climate action plan
 

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Comments (4)
President Xi Jinping
President Xi Jinping Apr 02, 2021 10:16PM ET
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It only makes sense to focus on climate. We loose trillions every year to places like texas, florida who squander insurance costing us all more because they refuse to leave tornado zones or deal with it.
Jokers R Us
Jokers R Us Apr 02, 2021 9:55PM ET
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World BANK concerned about the environment lmfao ..can't believe people believe this bull***.
President Xi Jinping
President Xi Jinping Apr 02, 2021 9:55PM ET
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Its more believable than the communist chinese efforts lol
Moholo Lebeko
Moholo Lebeko Apr 02, 2021 9:55PM ET
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what's your purpose for that?
Alan Rice
Alan Rice Apr 02, 2021 8:30PM ET
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I dont think World Bank cares much about World. first priority seems to be $$, second survival of humanity on Planet. Tic-toc.
Benjamin McIntire
Benjamin McIntire Apr 02, 2021 8:30PM ET
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Wow so enlightening
President Xi Jinping
President Xi Jinping Apr 02, 2021 8:30PM ET
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Thet care more than china at least
Roger Miller
Roger Miller Apr 02, 2021 6:25PM ET
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How is forcing responses to climate change onto developing countries promoting fairness and equality when developed countries never had that requirement?  Even China burned a lot of coal to get where they are today, placing them in a position now to make better choices.  Burning coal helped them pull an estimated 850 million of their citizens out of poverty.
Shoaib Khawaja
Shoaib Khawaja Apr 02, 2021 6:25PM ET
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Right
Patrick Monteith
Patrick Monteith Apr 02, 2021 6:25PM ET
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solar energy is now cheaper then coal, so it doesn't make economical sense
Benjamin McIntire
Benjamin McIntire Apr 02, 2021 6:25PM ET
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World is different now. Doesnt mean its fair. Anyway its the developed countries like the US and China that need to cut their emissions the most.
 
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