Climate Change: World Bank Offers Over 115,000 Billion FCF
A significant portion of the funding for the period 2021-2025 is for adaptation and resilience.
Climate change prevention and mitigation efforts received a major boost from the World Bank Group on December 3, 2018 with the announcement that it will invest +about 200 billion US dollars (about 115,487.9 billion FCFA) for the period 2021-2025.
According to a statement on the Group’s website, the amount, which is double current funding, is meant to improve “support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries.” “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,” World Bank Group President, Jim Yong Kim said.
The new financing will ensure that adaptation is undertaken in a systematic fashion, and the World Bank will develop a new rating system to track and promote the global progress. Actions will include supporting higher-quality forecasts, early warning systems and climate information services to enable 250 million people in 30 developing countries better prepare for climate change risks. In addition, the expected investments will build more climate-responsive social protection systems in 40 countries, and finance climate smart agriculture investments in 20 countries, the statement said.
Key sector efforts will include support for energy generation, integration, infrastructure for 36 GW of renewable energy, and 1.5 million GWh equivalent of energy savings through efficiency improvements. Some 100 cities will be assisted to achieve low-carbon and resilient urban planning, and transit-oriented development. Concerning food and land use, there will be increased integrated landscape management in 50 countries, covering 120 million hectares of forests, the World Bank release noted.