Quantcast

World Bank to Invest $200 Billion to Tackle Climate Change

Climate
Coastal parks such as Assateague Island National Seashore are experiencing increased threats of sea level rise. NPS Climate Change Response

As the all-important United Nations climate talks kick off in Katowice, Poland this week, the World Bank Group announced Monday that it will significantly ramp up its investments to fight climate change, and it is urging the wider global community to do so as well.

It will double its current 5-year investments to around $200 billion from 2021-2025 to boost adaptation and resilience in a rapidly warming world, especially in the world's poorest countries.


"Climate change is an existential threat to the world's poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change," World Bank Group President Jim Yong Kim said in a statement. "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."

The World Bank provides financial, advisory and technical support to developing countries. This year, the bank financed a record $7.7 billion in adaptation projects, such as a solar water pump for Nabeina village in the low-lying island nation of Kiribati, which is threatened by saltwater intrusion due to rising sea levels.

From Niger to Kiribati, How We Are Adapting to Climate Change www.youtube.com

Of the $200 billion in new funding, approximately $100 billion will come from direct finance from the World Bank. The money will go toward adaption measures such as building more resilient homes, schools and infrastructure, "smart agriculture" that better adapts to changing weather conditions, sustainable water management and responsive social safety nets, World Bank CEO Kristalina Georgieva said in a statement.

"People are losing their lives and livelihoods because of the disastrous effects of climate change. We must fight the causes, but also adapt to the consequences that are often most dramatic for the world's poorest people," Georgieva said.

The expected funding will also help improve weather forecasts, early warning systems and climate information services for 250 million people in 30 developing countries for climate risks, the bank said.

Further spending will also support 36 gigawatts of renewable energy projects; 1.5 million gigawatt-hours-worth of efficiency upgrades; helping 100 cities achieve low-carbon and resilient urban planning and improving transit; and protecting up to 120 million hectares of forests.

The other $100 billion will come from combined direct finance from the International Finance Corporation (IFC) which works with the private sector, the Multilateral Investment Guarantee Agency, as well as private capital raised by the World Bank.

"There are literally trillions of dollars of opportunities for the private sector to invest in projects that will help save the planet," said IFC CEO Philippe Le Houérou in a statement. "Our job is to go out and proactively find those opportunities, use our de-risking tools, and crowd in private sector investment. We will do much more in helping finance renewable energy, green buildings, climate-smart agribusiness, urban transportation, water, and urban waste management."

EcoWatch Daily Newsletter

Graphical representation of vertical pectoral herding by whale in Southeast Alaska. Prey are denoted in yellow. Whale deploys an upward-spiral bubble-net to corral prey and establish the first barrier; pectorals then protract to form a 'V' shape around the open mouth (depicted by blue arrows), creating a second physical barrier. Kyle Kosma / Royal Society Open Science / CC BY 4.0

When you have a whale-sized appetite, you need to figure out some pretty sophisticated feeding strategies. They mysteries of how a humpback whale traps so much prey have eluded scientists, until now.

Read More Show Less
California Yosemite River Scene. Mobilus In Mobili / Flickr / CC BY-SA 2.0

An advisory panel appointed by Trump's first Secretary of the Interior, Ryan Zinke, has recommended privatizing National Parks campgrounds, allowing food trucks in and setting up WiFi at campgrounds while also reducing benefits to seniors, according to the panel's memo.

Read More Show Less
Sponsored
Strips of native prairie grasses planted on Larry and Margaret Stone's Iowa farm protect soil, water and wildlife. Iowa State University / Omar de Kok-Mercado, CC BY-ND

By Lisa Schulte Moore

Iowa's first-in-the-nation caucuses bring the state a lot of political attention during presidential election cycles. But in my view, even though some candidates have outlined positions on food and farming, agriculture rarely gets the attention it deserves.

Read More Show Less
In Haiti, Action Against Hunger screens children for malnutrition. Christophe Da Silva / Action Against Hunger, Haiti

By Dr. Charles Owubah

As a child growing up on a farm in Ghana, I have personally known hunger. The most challenging time was between planting and harvesting – "the hunger season." There were many occasions when we did not know where the next meal would come from.

Today, on World Food Day, I think of the 820 million people around the world who are undernourished.

Read More Show Less
A Lyme disease warning on Montauk, Long Island, New York. Neil R / Flickr

Biomedical engineers have developed a new, rapid test capable of detecting Lyme disease in just 15 minutes.

Read More Show Less
Sponsored
Brown bear fishing for salmon in creek at Pavlof Harbor in Tongass National Forest, Alaska. Wolfgang Kaehler / LightRocket / Getty Images

The Trump administration has moved one step closer to opening Earth's largest intact temperate rainforest to logging.

Read More Show Less
The Democratic primary candidates take the stage during Tuesday's debate. SAUL LOEB / AFP via Getty Images

On Tuesday night, the Democratic presidential candidates gathered for what The Guardian said was the largest primary debate in U.S. history, and they weren't asked a single question about the climate crisis.

Read More Show Less
A. Battenburg / Technical University of Munich

By Sarah Kennedy

Algae in a pond may look flimsy. But scientists are using algae to develop industrial-strength material that's as hard as steel but only a fraction of the weight.



Read More Show Less