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World Bank refocusing its financing efforts towards tackling climate change

The World Bank is increasing spending to assist developing countries in the fight against climate change.

The Climate Change Action Plan is designed to help countries meet their Paris COP21 pledges and manage climate impacts.

A key focus is boosting the resilience of people and communities to climate shocks, with new efforts to expand early warning systems, climate-smart social protection, and urban and coastal resilience.

The World Bank is increasing its focus in renewable energy, sustainable cities, climate-smart agriculture, green transport and other areas, and has set ambitious targets for 2020 (1).

The World Bank Group has confirmed that it would spend $16bn per annum – 28% of its investments – directly on climate change projects, and that all future spending would consider the effects of global warming.

The group seeks to mobilise $13bn in extra funding from the private sector by 2020, for instance through joint funding programmes.

These efforts should amount to about $29bn a year, nearly a third of the $100bn a year in climate finance promised by developed countries to developing countries as part of global climate change agreements (2).

John Roome, the bank’s senior director for climate change, concluded: “This is a fundamental shift for the World Bank (…) we’re making climate change a central part of everything we’re doing” (3).

1. http://www.worldbank.org/en/news/feature/2016/04/07/world-bank-group-sets-new-course-to-help-countries-meet-urgent-climate-challenges
2. http://www.theguardian.com/environment/2016/apr/07/world-bank-investments-climate-change-environment
3. http://uk.businessinsider.com/world-banks-multibillion-dollar-plan-aims-to-help-poor-nations-fight-global-warming-2016-4?r=US&IR=T

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