Climate change is and is becoming a crucial issue that requires global attention. Many organizations are making efforts to mitigate.
The World Bank Group also announced a new Action Plan on Climate Change. This plan focuses on increasing climate finance, results and climate impact, improving and expanding climate diagnostics and reducing emissions and climate vulnerabilities in essential systems.
David Malpass, President of the World Bank Group said; “I am pleased to announce that yesterday we presented to our board the key elements of the World Bank Group’s new Climate Change Action Plan. Our collective responses to climate change, poverty and inequality are defining choices of our time. The World Bank Group is already the largest multilateral provider of climate finance for developing countries, and has increased funding to record levels in the past two years. countries to fully integrate climate and development.It is also important that we help countries to maximize the impact of climate finance, with measurable improvements in livelihoods through adaptation and measurable reductions in greenhouse gas emissions through mitigation ”.
According to its official statement, these objectives will be achieved through:
Increasing our climate finance: 35 percent of the World Bank Group’s funding will have climate co-benefits, on average, over the next 5 years; and 50 percent of the World Bank’s climate finance will support adaptation and resilience. This represents a large increase from the 26% achieved on average in FY16-20 and an even greater increase in terms of dollars, as the World Bank Group’s total financing has also expanded.
Focus on climate results and impacts: We will focus on measuring results and obtaining impacts, through a greater focus on the goals of reducing greenhouse gas emissions, adaptation and resilience, supported by new metrics.
Improve and expand climate diagnostics: we will build a strong analytical base at the global and national level, including the introduction of new Country Development and Climate Reports that will support the preparation and implementation of Nationally Determined Contributions (NDCs) and Long-Term Strategies (LTSs) ), which will feed all WBG partnership structures with countries.
Reducing emissions and climate vulnerabilities in key systems: We will support transformative investments in key systems that contribute the most to emissions and have the greatest climate vulnerabilities – for example, energy, food systems, transport and manufacturing.
Aligning our financing flows with the goals of the Paris Agreement: The World Bank Group is committed to aligning the financing flows with the objectives of the Paris Agreement. For the World Bank, we plan to align all new operations by July 1, 2023. For the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), 85 percent of new operations will be aligned by July 1 2023 and 100 percent of them by July 1, 2025.
The World Bank Group has been instrumental in helping countries tackle climate change: including delivering more than $ 83 billion in climate finance over the past 5 years and reaching the highest level in a single year in 2020, $ 21 , 4 billion. With this plan, we will do more in terms of dollars and impact.
“Today, the world has a historic opportunity and a need to change course – to overcome the growing dangers of hunger, social division, conflict, violence and climate change. The World Bank Group will work with all stakeholders to address these challenges head-on and support our customers to unlock the benefits of green, resilient and inclusive development, “concluded David Malpass.